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Medworxx Solutions Inc. announces a Letter of Intent for the entering into of a new $1 million credit facility
Medworxx Solutions Inc. announces a Letter of Intent for the entering into of a new $1 million cr...
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[{"type":"text","content":"\n\n\n\n Jul. 5, 2010 (Canada NewsWire Group) -- Medworxx Solutions Inc (the "Company", or "Medworxx") (TSX VENTURE: MWX) today announced that it has entered into a new US $1 million credit facility with Silicon Valley Bank, a member of SVB Financial Group. The Company intends to use the proceeds of this new facility to pay off its existing credit facility with Royal Bank of Canada, and for general working capital purpose.\n"We are very pleased to be working with Silicon Valley Bank and are looking forward to putting this additional capital to work in our business", said Domenic Crudo, CFO of Medworxx.\nInterest payable on advances will be between 7.75% and 11.3%, calculated based upon ratios for monthly financial reporting provided to the lender, and estimated by management to be approximately 9% annually, The new facility will be secured by a first priority security interest over all assets of the Company.\n\nABOUT MEDWORXX\n\nMedworxx is a Toronto-based software company focused exclusively on solutions for the North American healthcare marketplace. Medworxx provides healthcare solutions for patient flow, compliance and education. Its software comprises an integrated suite of solutions, including content management, learning management, policies and procedures, utilization management, bed optimization, single sign on, portal, and emergency readiness solutions.\nMedworxx started business in May 2004 in Ontario with 3 employees and has since grown to over 35 employees. Medworxx' executive team consists of experienced sales, marketing, software development, healthcare, and finance personnel. Medworxx currently has a customer base of approximately 100 healthcare organizations representing more than 300 hospitals and 500,000 end users who are distributed approximately 70% in Canada and 30% in the United States. Medworxx' customers use its software platform to increase competency, reduce redundancy, reduce costs, and simplify distribution of knowledge to staff and patients, creating a net effect of increased efficiency and improved patient safety and care.\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.\n\n\n >\n\n\nThis press release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the us...