CareView Communications, Inc., developer of a high speed data network system that can be deployed in a healthcare facility using existing cable television infrastructure, announced the closing of a two-year, $20 million revolving line of credit with Comerica Bank and Bridge Bank, National Association.
The revolving line of credit will be providing the Company with capital to buy equipment and perform installations pursuant to newly signed contracts that the Company may carry out in the future with select healthcare providers. Amounts drawn on the revolving credit will initially carry an interest rate of 7.0% per year. In connection with the line of credit, the Company has issued out warrants to the lenders to purchase an aggregate of 1,428,572 shares of the Company’s common stock that have an exercise price of $1.40 per share.
CareView’s President Steven G. Johnson said, “We are very happy to have reached agreement with Comerica and Bridge Bank regarding a revolving credit facility. This transaction will provide CareView with sufficient, minimally-dilutive capital to execute on its near-term business objectives. We are extremely gratified that Comerica and Bridge Bank have chosen to align themselves with us.”
Brian Demmert, Senior Vice President at Comerica, said: “We are excited to partner with CareView as we specialize in helping companies that are bringing innovative solutions to the marketplace and our team has the knowledge and expertise in life sciences to help move companies forward.”
“CareView has developed an incredibly valuable and distinct product for the health care industry,” stated Larry LaCroix, Senior Vice President of Bridge Bank’s Bridge Capital Finance Group. “With their strong credit profile and capable management team, we’re pleased to provide CareView with access to working capital which will ultimately enable their continued growth, innovation and success.”
For more information on CareView Communications, Inc., visit their website at www.care-view.com
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