Continental Establishes US $3,000,000 Line of Credit.VANCOUVER, B.C.--(BUSINESS WIRE)--Oct. 1, 1999-- Continental Home Healthcare Ltd. (VSE See DOS/VSE. VSE - Virtual Storage Extended :CHT.) (the "Company") is pleased to announce that the Company has secured a revolving operating line of credit with DVI Business Credit ("DVI"). The initial commitment from DVI, an asset-based lender specializing in the healthcare industry, is US $3.0 million. The 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. will be advanced to the Company based on eligible accounts receivable, as defined in the agreement, of the Company's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Continental Hospital Supply Corp. of Glendale, California. Management is most pleased with the arrangement with DVI as it provides the Company with the necessary capital for advancing internal growth as well as funding to continue its acquisition plans in California and the surrounding states. Management is currently active in identifying durable and home medical equipment companies that meet its acquisition criteria. Company management is also encouraged by DVI's interest in developing a long-term lending relationship with the Company. Mr. Robert Thornton, the Company's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. states: "As our relationship with DVI continues to solidify, it will enable the Company to aggressively pursue its acquisition program without any dilutive impact on our shareholders". Continental Home Healthcare Ltd. is a provider of durable and home medical equipment to individuals and healthcare institutions with branches in Glendale and Indian Wells, California Indian Wells is a city in Riverside County, California, in the Coachella Valley (Palm Springs area), in between Palm Desert and La Quinta. As of the 2000 census, the city population was 3,816. It has the highest proportion of millionaires of any city in the United States. ; Las Vegas, Nevada; and British Columbia, Canada. ON BEHALF OF THE BOARD ROBERT THORNTON, CHIEF EXECUTIVE OFFICER The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has neither approved nor disapproved the contents contained herein. |
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