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Posted: July 2, 2008
Microfluidics International Corporation Obtains New $2.5 Million Line of Credit in Support of Global Growth Strategy
(Nanowerk News) Microfluidics International Corporation (OTCBB: MFIC) today announced that the Company has received a $2.5 million multi-year revolving line of credit from Silicon Valley Bank. The credit line will be used as working capital in support of the Company's global growth strategy.
"This financing is an important first step in the implementation of the Company's strategic global growth strategy," said Michael C. Ferrara, Chief Executive Officer of Microfluidics International Corporation. "Specifically, these financial resources will support key growth initiatives, including the development and launch of new products, ongoing improvements in product and service quality, increases in sales and distribution channels, and the implementation of targeted marketing and lead-generation programs."
"This credit facility replaces our prior bank financing arrangements and meets the cash requirements of our fiscal year 2008 operational plan," said Brian E. LeClair, Executive Vice President & Chief Financial Officer of Microfluidics International Corporation. "We are pleased to welcome Silicon Valley Bank as both our lending and business partner."
About Microfluidics International Corporation
Microfluidics International Corporation designs, manufactures and distributes proprietary high performance Microfluidizer® materials processing and formulation equipment to the biotechnology, pharmaceutical, chemical, cosmetics/personal care and food industries. Microfluidics applies its more than 20 years of high pressure processing experience to produce the most uniform and smallest liquid and suspended solid particles available, and has provided manufacturing systems for nanoparticle products for more than 15 years.
The Company is a leader in advanced materials processing equipment for laboratory, pilot scale and manufacturing applications, offering innovative technology and comprehensive solutions for nanoparticles and other materials processing and production. More than 3,000 systems are in use and afford significant competitive and economic advantages to Microfluidics' equipment customers.