SOURCE: Biomerica

April 10, 2007 08:19 ET

Biomerica Announces New Relationship With Commercial Bank of California and a New Line of Credit

NEWPORT BEACH, CA -- (MARKET WIRE) -- April 10, 2007 -- Biomerica, Inc. (OTCBB: BMRA), a global provider of advanced diagnostic products for the early detection of medical conditions, announces it has selected Commercial Bank of California for its principal banking relationship and has established a combined line-of-credit/equipment line for up to $400,000.

"Commercial Bank of California is an acknowledged leading provider of banking services in the Southern California Market, and we are delighted to have established a financial relationship with an institution that understands our business and our banking needs," said Zackary Irani, Biomerica chief executive officer. "We believe that Commercial Bank of California can provide the banking support we need to grow -- both now and in the future."

"We recognize the significant opportunities that lie ahead for Biomerica and we're excited to welcome the company into our portfolio of technology innovators," said Mark Dumas, COO, Commercial Bank of California. "We've found the Biomerica approach to building relationships mirrors our philosophy of working closely with our clients and we're looking forward to serving their long-term financial needs."

About Biomerica (OTCBB: BMRA)

Biomerica, Inc. (www.biomerica.com) is a global medical technology company, based in Newport Beach, CA. The Company manufactures and markets advanced diagnostic products used at home, in hospitals, and in physicians' offices for the early detection of medical conditions and diseases.

About Commercial Bank of California

Commercial Bank of California (CBC) is a full-service commercial bank that caters to the business banking needs of Orange County companies. Based in Costa Mesa, CBC was formed by a unique group of Orange County's most successful business leaders and financiers. When it was launched in 2003, it was the state's highest capitalized independent start-up bank. Today, it is a highly formidable, top-performing bank that has sustained consistent growth and profitability, typically outperforming industry averages, and establishing itself as one of the County's premier community banks.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Biomerica) contains statements that are forward-looking; such as statements relating to intended launch dates, sales potential, significant benefits, market size, growth of business, favorable positions, expansion, expected orders, leading market positions, anticipated future revenues or production volume of the Company, success of product and new product offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of Biomerica. The potential risks and uncertainties include, among others, fluctuations in the Company's operating results due to its business model and expansion plans, downturns in international and or national economies, the Company's ability to raise additional capital, the competitive environment in which the Company will be competing, and the Company's dependence on strategic relationships. The Company is under no obligation to update any forward-looking statements after the date of this release.

Contact Information

  • Contact:
    Zackary Irani
    949-645-2111