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:6/24/2016)... 2016 Research and Markets has announced ... Diagnostic Tests" report to their offering. ... The World Market for Companion Diagnostics covers ... Market analysis in the report includes the following: ... Diagnostic Kits) by Region (N. America, EU, ROW), 2015-2020 ...
(Date:6/24/2016)... , Belgium , June 24, ... VNRX), today announced the appointment of Dr. ... Directors as a Non-Executive Director, effective June 23, ... Audit, Compensation and Nominations and Governance Committees.  As ... Futcher will provide independent expertise and strategic counsel ...
(Date:6/23/2016)... 2016 Research and Markets has announced ... Forecast to 2022" report to their offering. ... the patients with kidney failure, it replaces the function of ... patient,s blood and thus the treatment helps to keep the ... balance. Increasing number of ESRD patients & ...
Breaking Medicine Technology:
(Date:6/25/2016)... ... 2016 , ... "With 30 hand-drawn hand gesture animations, FCPX users can easily ... of Pixel Film Studios. , ProHand Cartoon’s package transforms over 1,300 hand-drawn pictures ... . Simply select a ProHand generator and drag it above media or text in ...
(Date:6/25/2016)... ... June 25, 2016 , ... Dr. Calvin Johnson has ... he has implemented orthobiologic procedures as a method for treating his patients. The ... first doctors to perform the treatment. Orthobiologics are substances that orthopaedic surgeons use ...
(Date:6/24/2016)... ... June 24, 2016 , ... A recent article published ... unfamiliar with. The article goes on to state that individuals are now more comfortable ... less common operations such as calf and cheek reduction. The Los Angeles area medical ...
(Date:6/24/2016)... ... June 24, 2016 , ... Marcy was in a crisis. Her son James, eight, was ... his family verbally and physically. , “When something upset him, he couldn’t control his emotions,” ... He would throw rocks at my other children and say he was going to kill ...
(Date:6/24/2016)... ... June 24, 2016 , ... Dr. Amanda Cheng, ... treatment. Dr. Cheng has extensive experience with all areas of orthodontics, including robotic ... osteogenic orthodontics. , Micro-osteoperforation is a revolutionary adjunct to orthodontic treatment. It ...
Breaking Medicine News(10 mins):