Encision Secures $2 Million Line of Credit Facility
14 Novembre 2006 - 1:00PM
PR Newswire (US)
BOULDER, Colo., Nov. 14 /PRNewswire-FirstCall/ -- Encision Inc.
(AMEX:ECI), a medical device company owning patented surgical
technology that is emerging as a standard of care in
minimally-invasive surgery, announced that it has secured a
three-year $2 million line of credit facility with SVB Silicon
Valley Bank. In connection with the credit facility, the Company
issued warrants to SVB Silicon Valley Bank. "Despite our improved
cash position over the first six months of fiscal year 2007, we
felt it was prudent to obtain a line of credit facility to help
fund our growth initiatives. Our goal, over the next six to twelve
months, is to offer a disposable instrument option for each major
reusable product. In addition, we intend to more than double our
number of direct sales territories over that same time period. We
anticipate that these initiatives will increase our rate of growth
and shareholder value," said Jack Serino, President & CEO.
Encision Inc. designs, develops, manufactures and markets
innovative surgical devices that allow surgeons to optimize
technique and patient safety during a broad range of surgical
procedures. Based in Boulder, Colorado, the Company pioneered the
development of patented AEM(R) Laparoscopic Instruments to improve
electrosurgery and reduce the chance for patient injury in
minimally invasive surgery. SVB Silicon Valley Bank provides
commercial banking services to emerging growth and mature companies
in the technology, life science, private equity and premium wine
industries. Through its focus on specialized markets and extensive
knowledge of the people and business issues driving them, SVB
Silicon Valley Bank provides a level of service and partnership
that measurably impacts its clients' success. Founded in 1983 and
headquartered in Santa Clara, Calif., the company serves clients
around the world through 27 U.S. offices and three international
operations. SVB Silicon Valley Bank is a member of global financial
services firm SVB Financial Group, with SVB Alliant, SVB Analytics,
SVB Capital, SVB Global and SVB Private Client Services. More
information on the company can be found at http://www.svb.com/. SVB
Silicon Valley Bank refers to Silicon Valley Bank, the California
bank subsidiary and the commercial banking operation of SVB
Financial Group. Banking services are provided by Silicon Valley
Bank, a member of the FDIC and the Federal Reserve. SVB Private
Client Services is a division of Silicon Valley Bank. SVB Financial
Group is also a member of the Federal Reserve. In accordance with
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, the Company notes that statements in this press
release and elsewhere that look forward in time, which include
everything other than historical information, involve risks and
uncertainties that may cause actual results to differ materially
from those indicated by the forward-looking statements. Factors
that could cause the Company's actual results to differ materially
include, among others, its ability to increase revenues through the
Company's distribution channels, insufficient quantity of new
account conversions, insufficient cash to fund operations, scale up
production to meet delivery obligations, delay in developing new
products and receiving FDA approval for such new products and other
factors discussed in the Company's filings with the Securities and
Exchange Commission. CONTACT: Marcia McHaffie, Encision Inc.,
303-444-2600, DATASOURCE: Encision Inc. CONTACT: Marcia McHaffie of
Encision Inc., 303-444-2600, Web site: http://www.encision.com/
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