Avitar, Inc. Obtains $350,000 Credit Line From Silicon Valley Bank.CANTON, Mass.--(BUSINESS WIRE)--May 5, 1998--Avitar, Inc. (NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :AVIT AVIT Aarupadai Veedu Institute of Technology AVIT Audiovisual Instructional Technology )(Common Stock); today announced an expanded relationship with Silicon Valley Bank through the addition of a Revolving Line of Credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. . Under this arrangement, Avitar can borrow up to $350,000. Previously, the Company's borrowing was limited to the financing of certain accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying . Peter Phildius, Avitar's Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "To fund the continued growth, development and expansion of our business, we have undertaken a program to obtain additional debt and equity capital. This arrangement is an integral part of that program. We are pleased that our relationship with Silicon Valley Bank has enabled us to obtain this credit line which provides us with access to working capital." Avitar, Inc. designs, develops, manufactures and markets healthcare products and services including a proprietary line of polyurethane wound care dressings and rapid diagnostic test products. "Safe Harbor" statement under the Private Securities Reform Act of 1995: This release contains forward looking statements that are subject to risks and uncertainties, including the development of new applications, and are detailed from time to time in the Company's filings with the Securities and Exchange Commission. CONTACT: AVITAR, INC. CONTACT: Peter Phildius, Chairman of the Board (781) 821-2440 or Jay Leatherman, Chief Financial Officer (203) 453-2126 website: http://www.avitarinc.com email: corporate@avitarinc.com |
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