BEIJING, May 21, 2015 (GLOBE NEWSWIRE) -- Dehaier Medical Systems Ltd. (Nasdaq:DHRM) (“Dehaier” or the “Company”), which develops, markets and sells medical devices and wearable sleep respiratory products in China, today announced that the Company has secured a short-term line of credit with the Beijing branch of Nanjing Bank Company Limited (“Nanjing Bank”) for up to RMB15 million (~$2.43 million), bearing a fixed rate of 7.8% per annum. The line of credit will be available for use as needed for general corporate purposes.
“This line of credit gives us greater flexibility to withstand challenging market conditions and carry out our capital and operating plan for calendar year 2015. As we continue to transform our business platform by expanding our emerging sleep respiratory business while we scale back our lower margin medical equipment distribution business, we expect our financial strength will improve over time. We also plan to raise our collection efforts in coming quarters to reduce outstanding account receivables balances which arose from our medical equipment distribution business,” commented Mr. Ping Chen, Chief Executive Officer of Dehaier.
About Dehaier Medical Systems Ltd.
Dehaier is a developer, marketer and seller of medical products, including medical devices and wearable sleep respiratory products. The company develops and assembles its self-branded medical devices and sleep respiratory products from third-party components. The company also distributes products designed and manufactured by other companies, including medical devices from IMD (Italy), HEYER (Germany) and Timesco (UK). Dehaier’s technology is based on six patents and eleven software copyrights. More information may be found at http://www.dehaier.com.cn.
Forward-looking Statements
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, fulfillment of bids and contracts, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
CONTACT: For more information, please contact: Dehaier Medical Systems Limited Janice Wang +86 10-5166-0080 investors@dehaier.com.cn Weitian Investor Relations Tina Xiao +1-917-609-0333 Tina.xiao@weitian-ir.com
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