SOURCE: Vein Associates of America, Inc.

March 07, 2006 09:15 ET

Vein Associates of America Secures $2 Million Revolving Credit Facility

ORLANDO, FL -- (MARKET WIRE) -- March 7, 2006 -- Vein Associates of America, Inc. (OTC: VNAA), a company that operates a group of modern, state-of-the-art medical facilities throughout the United States devoted to the treatment of vascular diseases, announced today that it has secured a $2 million credit facility with CTI Capital Management as agent for ABS SOS-Plus Partners, Ltd. The credit facility enables Vein Associates to draw down against the credit line based on a percentage of its accounts receivable. As funds are drawn down they will be used for working capital purposes, sales & marketing and the expansion of Vein Associates medical facilities network.

Vein Associates, Chief Executive Officer, Eric Luetkemeyer, said, "This credit facility -- Vein's first -- will support the company in continuing its strategic growth plan. As we ramp up and expand our base of medical facilities, we expect this credit facility to provide Vein Associates with additional financial flexibility. The credit facility will advance fund receivables due from medical procedures submitted to major insurance carriers."

About CTI Capital Management

CTI structures and invests in senior revolving, term and convertible debt and in the preferred and common equity of growing companies throughout the U.S. and Canada. Since 2003, CTI's investment team has made investments in over 100 small to mid-sized businesses. Investments are not limited by industry and include various manufacturers, distributors and service companies.

About Vein Associates of America, Inc.

Vein Associates of America, Inc. operates advanced and well-equipped medical facilities devoted exclusively to the treatment of vein disease. The Company has established and is rapidly expanding highly specialized, professional medical treatment centers comprised of new and effective state-of-the-art techniques available in vein treatment. For more information, please visit our website: www.noveins.com

Forward-Looking Statement

Except for any historical information that they contain, the statements in this news release regarding Vein Associates of America, Inc.'s plans are forward-looking statements that are subject to certain risks and uncertainties, including, but not limited to, those relating to product demand, pricing, market acceptance, the effect of economic conditions, and intellectual property rights and the outcome of competitive products, risks in product development, risks of non-payment by insurance provides to Vein Associates and other factors discussed from time to time in Vein Associates of America, Inc.'s Securities and Exchange Commission filings. Vein Associates of America, Inc. undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made.

Contact Information

  • For Additional Information Contact:

    Eric Luetkemeyer
    CEO
    Vein Associates of America, Inc.
    407-708-5818
    407-708-5819 (fax)

    Jonathan Night
    President
    CTI Capital Management
    407-833-4000
    407-771-4419 (fax)