Pennsylvania -- (MARKET WIRE) -- January 8, 2007 --
PuriCore Raises $5.1 million of debt
MALVERN, PENNSYLVANIA, and STAFFORD, UK, January 8, 2007 -- PuriCore plc
("PuriCore"), the life sciences company focused on the development of its novel,
safe antimicrobial technology, today announces that it has raised gross proceeds
of approximately $5.1 million of debt through a promissory note with Tennessee
Commerce Bank.
The promissory note is secured by future cash flows associated with rented
Sterilox Systems installed in 2006 by the company's US Food Safety Division.
The principal amount along with interest (at a nominal rate of 8.5 per cent per
annum) is repayable in monthly instalments over the life of the operating lease
with its customer.
Keith A. Goldan, Chief Financial Officer at PuriCore, commented:
"This capital enables us to build on the company's stated strategy of renting
Sterilox Systems to our customers. We continue to grow our portfolio of assets
that produce recurring, predictable and sustainable revenues and cash flows over
the long term. Furthermore, this funding further strengthens our cash position,
optimises the Company's weighted average cost of capital, and enables us to
close 2006 with approximately $42 million on our balance sheet."
FOR FURTHER INFORMATION:
PuriCore plc Tel: +1 (484) 321 2700
Greg Bosch, Chief Executive Officer
Keith A. Goldan, Chief Financial Officer
Financial Dynamics Tel: +44 (0) 20 7831 3113
Ben Brewerton
John Gilbert
ABOUT PURICORE PLC
PuriCore is a life sciences company focused on the development and
commercialisation of its proprietary technology that mimics the production by
the human body of its natural anti-microbial, hypochlorous acid. Hypochlorous
acid is highly effective at killing pathogens such as bacteria, viruses and
fungi and yet is safe and environmentally friendly. PuriCore's solutions have
applications in a wide range of markets where it is important to control
microbial contamination. These markets include medical device disinfection,
food safety, dental equipment decontamination, environmental remediation,
hospitality, water safety, wound management and other applications intended to
limit the spread of infectious disease, including major global disease threats
such as Tuberculosis, MRSA, Influenza, E.coli, Norovirus, HIV, polio, Hepatitis
A, H.pylori and Legionella.
PuriCore markets a portfolio of branded systems which produce hypochlorous acid
solutions on-site at a customer's location from water, electricity and common
salt. These solutions are generated at a range of concentrations and at a
nearly neutral pH range similar to the human body. They are effective as soaks,
sprays, mists and in other forms.
PuriCore is headquartered in Malvern, Pennsylvania and has offices in Stafford,
UK.
To receive additional information on the company, please visit our Web site at
www.puricore.com, which does not form part of this press release.
This information is provided by RNS
The company news service from the London Stock Exchange