ENDOTRONICS, INC. RECEIVES $2 MILLION LINE OF CREDIT
ENDOTRONICS, INC. RECEIVES $2 MILLION LINE OF CREDIT MINNEAPOLIS, June 30 /PRNewswire/ -- Endotronics, Inc.
(NASDAQ: ENDO) today announced that it received a $2 million line of credit form The Bank of Bloomfield Hills, Bloomfield Hills, Mich. The line of credit is secured by a three-year $2 million letter of credit from Swiss Credit Bank obtained by INTEGRA Holding AG of Switzerland, a significant shareholder of the company. Endotronics intends to utilize the line of credit for working capital, repayment of debt and general corporate purposes.
Richard E. Sakowicz, president and chief operating officer of Endotronics, said, "This funding will facilitate the implementation of our growth strategy. We view INTEGRA's support as extremely positive and indicative of their confidence in the future we are building." Endotronics, Inc., headquartered in Minneapolis, is dedicated to providing cell processing products and services to meet the needs of human health care and biotechnology markets worldwide. The company is a recognized leader in hollow fiber cell culture instrumentation with more than 675 instruments installed worldwide. -0- 6/30/92 /CONTACT: Yvonne L. Marschner-Bova, investor relations director, or Mary J. Lore, chief financial officer, Endotronics, Inc., 313-871-7350/ (ENDO) CO: Endotronics, Inc.; The Bank of Bloomfield Hills ST: Minnesota, Michigan IN: MTC FIN SU:
JG -- DE014 -- 5143 06/30/92 11:24 EDT
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|Date:||Jun 30, 1992|
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