MOUNTAIN VIEW, Calif., April 2, 2008 /PRNewswire-FirstCall/ -- IRIDEX Corporation today announced completion of an $8.0 million loan facility with Wells Fargo Bank which replaces its previous loan facilities with Mid-Peninsula Bank.
“Under our old facility, we were out of compliance with the loan covenants and had limited access to additional funds. The new loan facility with Wells Fargo Bank puts us back in compliance and provides us with the ability to obtain additional funds. This is a significant step towards returning the Company to financial stability,” stated Jim Mackaness, Chief Financial Officer.
The loan facility is an asset-based revolving line of credit for up to $8.0 million. Of the loan, up to $5.0 million will be guaranteed by Ex-Im Bank. Interest on the loan is equal to the prime rate plus 0.75%.
About IRIDEX
IRIDEX Corporation is a leading worldwide provider of therapeutic based laser systems, disposable laser probes and delivery devices to treat eye diseases in ophthalmology and skin disorders in the aesthetics market. IRIDEX products are sold in the United States through a direct sales force and internationally through a combination of a direct sales force and a network of approximately 100 independent distributors into 107 countries. For further information, visit the Company’s website at http://www.iridex.com.
CONTACT: Jim Mackaness, Chief Financial Officer of IRIDEX Corporation,
+1-650-940-4700
Web site: http://www.iridex.com/
