Clinical Data Australia Secures Credit Line From National Australia Bank Limited.NEWTON, Mass.--(BUSINESS WIRE)--May 18, 1999-- Novitron International, Inc. (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 :NOVI), announced today that it's Australian subsidiary, Clinical Data (Australia) Pty. Ltd., has signed an agreement with the National Australia Bank The National Australia Bank or NAB (ASX: NAB, LSE: NAB, NYSE: NAB, TYO: 8637 ) is part of the NAB Group. It is the largest bank in Australia by assets, and 28th largest in the world. Limited for a four hundred and fifty thousand Australian Dollar Noun 1. Australian dollar - the basic unit of money in Australia and Nauru dollar - the basic monetary unit in many countries; equal to 100 cents line of credit (US$300,000). The credit facility, which is effective immediately, requires the pledging of the 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 of the subsidiary, as well as the maintenance of certain capital ratios. National Australia Bank Limited is the largest bank in Australia and has a strong presence in 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. . Adrian Tennyenhuis, Managing Director of Clinical Data (Australia) stated, "This new banking relationship recognizes the strong growth that we have experienced in the last year and our anticipated market expansion in the South Pacific. This credit facility will also support the recently announced strategic alliance with Medical Innovations Limited in immuno-diagnostics." Israel M. Stein Stein , William Howard 1911-1980. American biochemist. He shared a 1972 Nobel Prize for pioneering studies of ribonuclease. , MD, President of Novitron International commented, "The availability of this new credit line is an expression of the confidence that we, as well as others, have in the future. We look forward to this expanding Australian banking relationship." Novitron International, Inc. is a multinational company focusing on scientific instrumentation used in clinical and analytical laboratories and in process monitoring. The Company's Dutch subsidiary, Vital Scientific NV, designs and manufactures scientific instrumentation marketed worldwide through distributors and strategic partnerships. The Company's subsidiary Clinical Data (Australia) Pty. Ltd. distributes diagnostic instruments and assays in the South Pacific and has a strategic alliance with Medical Innovations Limited for the development of immuno-diagnostics. The Company's Dutch subsidiary, NovaChem BV, develops and markets process monitoring technology for petrochemical petrochemical, any one of a large group of chemicals derived from a component of petroleum or natural gas. The cracking processes for manufacturing gasoline produce vast quantities of gaseous hydrocarbons. and environmental applications. Except for any historical information contained in this release, the matters discussed herein include forward looking statements, within the meaning of Section 27A of the Securities Act of 1933 (as amended), that involve risk and uncertainties. Actual results could differ materially from those expressed in such statements and readers are referred to the Company's SEC reports and filings. |
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