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DECN to Finance 2Q 2020 Roll Out of its GenViro! Covid-19 "Rapid" Kits Using Non-Dilutive Debt Financing Totaling $13 Million Acquired in Near 0% Rate Environment
DECN to Finance 2Q 2020 Roll Out of its GenViro! Covid-19 "Rapid" Kits Using Non-Dilutive Debt Financing Totaling $13 Million Acquired in Near 0% Rate Environment.
About this update from Decision Diagnostics Corp
[{"type":"text","content":"COMPANY SEIZES OPPORTUNITY TO GET ITS 60 SECOND GENVIRO! "RAPID" KITS INTO THE MARKET, RECEIVES INITIAL DEBT COMMITMENT FROM PRIVATE FUNDS, PRODUCT UPDATES RESUME NEXT WEEKLOS ANGELES, CA / ACCESSWIRE / March 20, 2020 / Decision Diagnostics Corp. (OTC PINK:DECN) is an 18-year old, diabetes-focused bio-technology development firm, manufacturer, quality plan administrator, FDA registered medical device customer support organization, and exclusive worldwide sales and regulatory process agent for the GenUltimate! ("Sunshine") diabetes test strip, its GenAccord! Enhance ("Caterpillar") strip and meter systems for the uninsured and under-insured, its GenChoice! ("Ladybug") test strip now in the later stages of FDA 510(k) prosecution, and its GenUltimate! Precis products manufactured for International markets, and its GenViro! Rapid Kits for the real time testing for the Coronavirus (COVID-19).Today, DECN announces that the company's Board of Directors has approved the offering of $13 million in non-dilutive debt financing, the first $2 million in Notes, followed by a $1 million credit facility to purchase manufacturing equipment for their Korean manufacturing facility, and the remaining $10 million in a revolving line of credit to finance inventory. Each of the three offerings are already subscribed to. With interest rates at near zero% and equity at a premium, our Board moved quickly to secure the debt. There is no equity component or stock conversion feature in any of the debt instruments. Prior to structuring the debt offerings, the company received an unsolicited commitment for at least $1 million in Notes and is collecting these subscriptions. Almost $500,000 has been received thus far with the remainder promised prior to March 31, 2020Mr. Berman commented, "If banks and finance companies insist on nearly giving money away, we will take all we can. The $13 million we seek, split by need, will carry us for the remainder of 2020. Using this debt as a cushion, we are also exploring partnerships and licensing arrangements. I have lost count of the people who have called me with the same one line opening, "stop your search, we're the only partner you will ever need." In more than one case the potential partner was spot-on. Our GenViro!TM Rapid Kit will offer Covid-19 test ...