Bradley Pharmaceuticals Receives Commitment for a Three Million Dollar Line of Credit.FAIRFIELD, N.J.--(BUSINESS WIRE)--July 2, 1997--BRADLEY PHARMACEUTICALS, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (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 NM: BPRX) announced today the Company has received a commitment for a line of credit of up to three million dollars with the CIT n. 1. A citizen; an inhabitant of a city; a pert townsman; - used contemptuously. Which past endurance sting the tender cit. - Emerson. Group, Chicago, IL. The amount of credit to be advanced will be dependant upon Adj. 1. dependant upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, contingent upon, dependant on, dependent on, dependent upon, depending on, contingent the Company's then existing 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 and inventory balances. The credit commitment is subject to satisfaction of certain conditions, including the execution of appropriate credit and security documents upon closing. Bradley Pharmaceuticals Chairman of the Board and President, Daniel Glassman, stated: "Our association with CIT, a multibillion dollar international full service finance and investment banking corporation, can open an opportunistic door to the future. The Company intends to utilize a portion of the CIT credit advance, when made, along with funds from Bradley operations, to satisfy, in its entirety, the cash obligation of the previously disclosed Berlex debt. In addition, this potential credit availability provides the Company with access to funding future acquisitions to the extent that can be supported by applicable assets." BRADLEY PHARMACEUTICALS, INC. manufactures and markets brandname prescription and over-the-counter pharmaceuticals and health-related products throughout the United States as well as in twenty-five international markets. Its Doak Dermatologics subsidiary markets products in the dermatological field and will shortly enter a dermatological product research and development phase of corporate growth. The Kenwood Laboratories division primarily markets respiratory therapy respiratory therapy Medical profession concerned with assisting the respiratory function of individuals who have severe lung disorders. Practices include suctioning to clear secretions from the airway, use of aerosol mists (sometimes medicated) or gases to ease breathing, products. Bradley Common Class A Shares (BPRX) are traded on the NASDAQ National Market System. CONTACT: Bradley Pharmaceuticals, Inc., Fairfield Larry Lenz, Vice President and Chief Financial Officer 973/882-1505, ext. 519 |
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