BIGMAR Signs Agreements for Two New Credit Facilities.JOHNSTOWN, Ohio--(BUSINESS WIRE)--Nov. 3, 1999-- BIGMAR, Inc. (Nasdaq SmallCap Market: BGMR BGMR Bigmar Inc. (stock symbol) ) today announced that it has completed arrangements for two additional financings. Citizens Bank of Saginaw, Michigan Saginaw is a city in the U.S. state of Michigan. As of the 2000 census, the city had a total population of 61,799. The 2006 population estimate was 57,523.[1] It is the county seat of Saginaw County[2] has approved Bigmar for a $2 million 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. at the prime rate. Funds from this line of credit will be used principally to finance US receivables. In addition, the Company issued a 3 million Swiss Franc Noun 1. Swiss franc - the basic unit of money in Switzerland franc - the basic monetary unit in many countries; equal to 100 centimes centime - a fractional monetary unit of several countries: France and Algeria and Belgium and Burkina Faso and Burundi and (approximately US $1.98 million), 4% convertible note due October 2003 to Banca Del Gottardo, Switzerland. Proceeds from the note, which is convertible into approximately 528,000 shares of Bigmar common stock at an initial price of $3.75 per share, will be used primarily for working capital purposes by the Company's Swiss subsidiary, Bigmar Pharmaceuticals SA. "This vote of confidence from our lenders comes at an especially important time in Bigmar's development," stated John G. Tramontana, President and Chief Executive Officer of the Company. "The funds will augment our working capital, allowing us to focus on the growth opportunities from our line of generic oncology drugs." BIGMAR, Inc.'s strategy is to supply world markets with a full line of high-quality, affordably-priced pharmaceutical products focusing on oncology. With distribution rights to more than 20 generic oncological products and seven products approved by the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. , the Company manufactures, in its state-of-the-art facilities in Switzerland, and markets through pharmaceutical company partners in Europe and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. off-patent generic oncological drugs and additional oncological drugs as their patents expire. Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. involve known and unknown risks, uncertainties and other factors as detailed in the Company's SEC reports and filings, which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. |
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