CompScript receives new $5 million credit facility and $500,000 term loan.BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--Oct. 31, 1996--CompScript, Inc. (Nasdaq SmallCap Market: CPRX), a provider of integrated pharmacy pharmacy, art of compounding and dispensing drugs and medication. The term is also applied to an establishment used for such purposes. Until modern times medication was prepared and dispensed by the physician himself. In the 18th cent. services to the long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. and sub-acute care industries, today announced that it has received from SunTrust Bank a commitment for a $5 million secured 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. and a 5-year, $500,000 term loan. The $5 million line of credit, which matures in April 1998, will be used for general corporate purposes. The $500,000 term loan will be used for leasehold improvements Leasehold Improvement Improvements on a leased asset that increase the value of the asset. Notes: A leasehold improvement is classified as an asset that must be depreciated over time. at the Company's Boca Raton facility and for the purchase of new equipment. The new line of credit and term loan replace the Company's existing $750,000 credit facility with SunTrust Bank. Brian A. Kahan, Chief Executive Officer of CompScript, commented, "We have an excellent relationship with SunTrust and believe that this agreement reflects their continued confidence in our Company. This agreement will allow us to strengthen our corporate infrastructure in preparation for anticipated future growth, while providing the necessary flexibility to increase our sales and marketing efforts, pursue strategic acquisitions, and develop and integrate new and existing products and services." This press release contains forward looking statements which involve numerous risks and uncertainties. Actual results could differ materially from those anticipated in such forward looking statements as a result of certain factors, including those set forth in the Company's filings with the Securities and Exchange Commission. CompScript, Inc. is a comprehensive provider of pharmacy management services to managed care networks, long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. and sub-acute care facilities, home health patients and recipients of managed care. These services include pharmacy services and pharmacy benefits management, infusion therapy, mail order and consulting. CONTACT: CompScript, Inc. Brian A. Kahan Chief Executive Officer (561) 994-8585 or The Equity Group Inc. Devin Sullivan, (212) 836-9608 Robert Goldstein Gold·stein , Joseph Leonard Born 1940. American biochemist. He shared a 1985 Nobel Prize for discoveries related to cholesterol metabolism. , (212) 371-8660 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion