Navigation Links
Heska Announces Extension of Credit Agreement With Wells Fargo
Date:12/9/2009

LOVELAND, Colo., Dec. 9 /PRNewswire-FirstCall/ -- Heska Corporation (Nasdaq: HSKA), ("Heska" or the "Company") announced today the extension of its credit and security agreement with Wells Fargo Bank, National Association ("Wells Fargo"). The maturity date of the credit and security agreement between Heska and Wells Fargo has been extended from June 30, 2011 to December 31, 2012. Heska and Wells Fargo also agreed to amended covenants for 2010 and a LIBOR-based floating interest rate following delivery of Heska's 2009 audited financial statements.

(Logo: http://www.newscom.com/cgi-bin/prnh/20000622/HESKALOGO)

Heska expects to reduce its borrowing rate by over 1% following implementation of the LIBOR-based borrowing rate.

"We significantly outperformed the financial covenants we agreed to with Wells Fargo in December 2008," said Jason Napolitano, Heska's Chief Financial Officer. "We are pleased with our business results and that Wells Fargo has agreed to these changes, which we expect to reduce our interest costs in the future."

About Heska

Heska Corporation (NASDAQ: HSKA) sells advanced veterinary diagnostic and other specialty veterinary products. Heska's state-of-the-art offerings to its customers include diagnostic instruments and supplies as well as single use, point-of-care tests, pharmaceuticals and vaccines. The company's core focus is on the canine and feline markets where it strives to provide high value products and unparalleled customer support to veterinarians. For further information on Heska and its products, visit the company's website at www.heska.com.

Forward-Looking Statements

This announcement contains forward-looking statements regarding Heska's future operations. These statements are based on current expectations and are subject to a number of risks and uncertainties. Investors should note that these statements are based on current plans and expectations, which may not be fulfilled as expected and may not have the positive impact even if fulfilled as expected. In addition, factors that could affect the business and financial results of Heska generally include the following: uncertainties regarding Heska's 2009 financial performance and related ability to qualify for lower interest rate spreads in its agreement with Wells Fargo; uncertainties related to the relationship between Heska's current base floating rate under its agreement with Wells Fargo, Prime, and its anticipated future base floating rate under its agreement with Wells Fargo, Prime; uncertainties related to the loss of access to products from Abbott Point of Care Inc. after November 1, 2009, which represent approximately 18% of Heska's revenue for the year ended September 30, 2009; uncertainties regarding Heska's reliance on third parties to whom Heska has granted substantial marketing rights to certain of Heska's existing products and whom may be large Heska customers; uncertainties regarding Heska's ability to generate profits and positive cash flow in future periods; risks regarding Heska's ability to successfully market, sell and distribute its products in an economically sustainable manner; uncertainties surrounding the success of future products, including Heska's ability to adhere to stated deadlines and successfully commercialize such products; competition, including uncertainties regarding the impact of new products competitors have recently launched or may launch in the future; risks regarding Heska's reliance on third-party suppliers, which is substantial and could have significant negative consequences if Heska were to lose exclusive rights or access to a product due to a supplier decision or for other reasons; risks related to Heska's reliance on third parties to properly and timely complete certain research and development activities; uncertainties related to Heska's ability to maintain its listing on the Nasdaq Capital Market; and the risks set forth in Heska's filings and future filings with the Securities and Exchange Commission, including those set forth in Heska's Annual Report on Form 10-K for the year ended December 31, 2008 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2009.

SOURCE Heska Corporation


'/>"/>
SOURCE Heska Corporation
Copyright©2009 PR Newswire.
All rights reserved

Related medicine technology :

1. Heska Announces Supply Agreement With Roche Diagnostics
2. Heska Announces Launch of New Website
3. Heska Announces Q309 Results
4. NOVAVAX Announces Closing of Public Offering of 6,800,000 Shares of Common Stock
5. Sangamo BioSciences Announces Presentation of Preliminary Data From Phase 2 Study of SB-509 at International ALS Symposium
6. Helix BioPharma Corp. Announces Fiscal Q1 2010 Results
7. RecoverCare Announces the Relocation of Corporate Headquarters to Louisville
8. Global Announces Contract To Acquire New Business
9. BMP Sunstone Announces the Inclusion of Seventy Eight Drugs in Chinas National Insurance Catalog
10. ARKRAY, Inc. Announces Partnership With scil animal care company for the SPOTCHEM(TM) EZ Analyzer
11. Hemodynamic Therapeutics Announces Successful Completion of Initial Phase 2 Clinical Study for Novel Combination Hypertension Therapy
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/8/2016)... NEW YORK , Feb. 8, 2016 /PRNewswire/ ... market, today announces its first male sexual enhancement ... enhancement, EnduramenT combines proven ethnobotanicals with a patented ... of nitric oxide, the chemical compound responsible for ... Forgoing the ...
(Date:2/8/2016)... , Feb. 8, 2016  Echo Therapeutics, ... device company focused on non-invasive continuous glucose ... today announced that it will host a ... 17, 2015 at 9:00 a.m. Eastern Time ... its corporate strategy, advancements in its CGM ...
(Date:2/8/2016)... In a historic vote among its members this weekend, the ... cannabis cultivation facility and dispensary on tribal land near Southampton ... as a provider for patients in the state,s Medical Cannabis Program. ... provider for patients in the state,s Medical Cannabis Program. --> ... project and pursue designation from the State of New York ...
Breaking Medicine Technology:
(Date:2/9/2016)... ... February 09, 2016 , ... Two renowned photographers, Robert Caplin ... photographic adventure on the island, June 14-19, 2016, hosted by Four Seasons Resort Maui ... , After a successful debut in 2015, the Maui Photo Expedition workshop ...
(Date:2/9/2016)... ... February 09, 2016 , ... The Brain Preservation Foundation’s (BPF) ... from 21st Century Medicine (21CM) ( http://www.21cm.com/ ), spearheaded by recent MIT ... of an intact rabbit brain for extremely long-term storage using a combination of ...
(Date:2/8/2016)... ... February 08, 2016 , ... Stephanie Hebert Insurance ... beginning of a new charity campaign. As part of their ongoing community involvement ... In the belief that children deserve a voice, and in the spirit of ...
(Date:2/8/2016)... ... February 08, 2016 , ... Tingley Rubber Corporation , ... provide its range of unique and advantaged protective solutions to a growing ... provide bilingual customer service and marketing support. A new distribution center in Brampton, ...
(Date:2/8/2016)... (PRWEB) , ... February 08, ... ... and security executive networking and relationship-marketing firm, announced today that nominations will ... Information Security Executive® (ISE®) West Awards. , Awards include the Information ...
Breaking Medicine News(10 mins):