BOULDER, Colo., Nov. 14 /PRNewswire-FirstCall/ -- Encision Inc. , a medical device company owning patented surgical technology that is emerging as a standard of care in minimally-invasive surgery, announced that it has secured a three-year $2 million line of credit facility with SVB Silicon Valley Bank. In connection with the credit facility, the Company issued warrants to SVB Silicon Valley Bank.
“Despite our improved cash position over the first six months of fiscal year 2007, we felt it was prudent to obtain a line of credit facility to help fund our growth initiatives. Our goal, over the next six to twelve months, is to offer a disposable instrument option for each major reusable product. In addition, we intend to more than double our number of direct sales territories over that same time period. We anticipate that these initiatives will increase our rate of growth and shareholder value,” said Jack Serino, President & CEO.
Encision Inc. designs, develops, manufactures and markets innovative surgical devices that allow surgeons to optimize technique and patient safety during a broad range of surgical procedures. Based in Boulder, Colorado, the Company pioneered the development of patented AEM(R) Laparoscopic Instruments to improve electrosurgery and reduce the chance for patient injury in minimally invasive surgery.
SVB Silicon Valley Bank provides commercial banking services to emerging growth and mature companies in the technology, life science, private equity and premium wine industries. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, SVB Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients’ success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves clients around the world through 27 U.S. offices and three international operations. SVB Silicon Valley Bank is a member of global financial services firm SVB Financial Group, with SVB Alliant, SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at www.svb.com.
SVB Silicon Valley Bank refers to Silicon Valley Bank, the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve. SVB Private Client Services is a division of Silicon Valley Bank. SVB Financial Group is also a member of the Federal Reserve.
In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company notes that statements in this press release and elsewhere that look forward in time, which include everything other than historical information, involve risks and uncertainties that may cause actual results to differ materially from those indicated by the forward-looking statements. Factors that could cause the Company’s actual results to differ materially include, among others, its ability to increase revenues through the Company’s distribution channels, insufficient quantity of new account conversions, insufficient cash to fund operations, scale up production to meet delivery obligations, delay in developing new products and receiving FDA approval for such new products and other factors discussed in the Company’s filings with the Securities and Exchange Commission.
CONTACT: Marcia McHaffie, Encision Inc., 303-444-2600, mmchaffie@encision.com
Encision Inc.
CONTACT: Marcia McHaffie of Encision Inc., 303-444-2600,mmchaffie@encision.com
Web site: http://www.encision.com/
