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Dynasil Sells Navigator Product Line
Date:12/24/2013

WATERTOWN, Mass., Dec. 24, 2013 /PRNewswire/ -- Dynasil Corporation of America (NASDAQ: DYSL), a developer of sensing, detection and analysis technology for homeland security, medical and industrial applications, today announced the December 23, 2013 sale of the assets of its Navigator Gamma Medical Probe product line to Dilon Technologies, Inc. of Newport News, Virginia.

This transaction is a step in the previously announced strategy to restructure the Company to improve liquidity and pay down bank debt.   The consummation of this divestiture resulted in a payment to Santander Bank, N.A., the Company's primary lender, of approximately $2.75 million, which reduced the balance of the Company's outstanding indebtedness to Santander to approximately $2.4 million.  As previously reported, at September 30, 2012, the Company's indebtedness to Santander was approximately $9.0 million, a reduction of $6.6 million over the past 15 months.  The Company also has a subordinated $3 million note to Massachusetts Capital Resource Corporation which is not yet due.

"We are pleased to announce the completion of this divestiture, which marks a key step in our strategy to reduce debt and operational expenses and return Dynasil to positive EBITDA and profitability," said Peter Sulick, Chairman and CEO of Dynasil. "Combined with the sale of the XRF assets, this divestiture has allowed us to substantially reduce our outstanding bank debt balance.  At the present time, we do not foresee further asset sales.  We expect to amortize our bank debt in accordance with our standard amortization schedule, which should result in the primary bank debt being completely paid off over the next 15 months."

"We expect the combination of these divestitures,
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SOURCE Dynasil Corporation of America
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