BioDyne Corp. secures $1 million credit line.ATLANTA--(BUSINESS WIRE)--May 24, 1996--BioDyne Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BODY) announced Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant that it has secured a $1 million revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. line from a Georgia-based company. The funds are to be used for multiple corporate purposes. The million dollar revolving credit line is for a two-year commitment with no equity. Three hundred thousands dollars of credit line have currently been drawn by BioDyne. Upon receipt of the next $150,000, three new board members will be appointed and five of the existing seven will resign. The proposed new members will include acquisition, finance, and corporate development backgrounds. Edward B. "Chip" Beam, BioDyne's current chairman, is quoted as saying: "The specialty fitness industry is continuing to consolidate. This new credit line offers BioDyne opportunities to solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. its leading position in the industry. With the million dollar revolving credit line developed for general corporate purposes, and the inclusion of the new board members, BioDyne will be poised to take advantage of the many opportunities available in the segmented fitness industry." BioDyne is a manufacturer of specialty fitness equipment and is the largest operator of specialty fitness retail stores in the southeast. CONTACT: BioDyne Investor Relations Investor relations The process by which the corporation communicates with its investors. 404/346-3100 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion