CHATSWORTH, Calif.--(BUSINESS WIRE)--North American Scientific, Inc. (Nasdaq:NASI) today announced that on December 18, 2007, North American Scientific, Inc., a Delaware corporation, and its wholly-owned subsidiary, North American Scientific, Inc., a California corporation (collectively, the “Company”), entered into an Eighth Amendment and Forbearance to the Loan and Security Agreement with Silicon Valley Bank (the “Bank”). The amendment includes: (i) an extension of the maturity date of the loan agreement to the earlier of February 1, 2008 or the date the Company completes its private placement, which is described in the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on December 13, 2007, (ii) a forbearance by the Bank from exercising its rights and remedies against the Company, until such time as the Bank determines in its discretion to cease such forbearance, due to the defaults under the Loan Agreement resulting from the Company failing to comply with the tangible net worth covenant in the Loan Agreement as of July 31, 2007, August 31, 2007, September 30, 2007 and October 31, 2007 and (iii) a consent from the Bank to allow the Company to repay its outstanding loan from Mr. John A. Friede in the amount of $250,000.
