Crdentia Announces Completion of $10.2 Million Long-Term Debt Financing
27 February 2008 - 11:00PM
PR Newswire (US)
DALLAS, Feb. 27 /PRNewswire-FirstCall/ -- Crdentia Corp. (OTC:CRDT)
(BULLETIN BOARD: CRDT) , a leading healthcare staffing company,
today announced it has completed a $10.2 million long-term debt
financing with ComVest Capital LLC, based in Palm Beach, Florida.
Proceeds will be used to replace Crdentia's existing credit
facility and for general working capital purposes. The $10.2
million financing is comprised of a two-year $5.2 million Revolving
Credit Note, bearing interest at the greater of the Prime Rate plus
2% or 8.5%, and two separate two-year term loans, each amounting to
$2.5 million and bearing annual interest of 12.5%. John Kaiser, CEO
of Crdentia said, "We are pleased to have completed this long-term
financing that reduces Crdentia's overall borrowing costs while
enhancing our financial flexibility with the addition of
substantial working capital. Crdentia is now on a much stronger
financial footing as we move forward with our objectives of
achieving profitability through improved operating performance and
executing our growth initiatives to bolster our presence in key Sun
Belt markets." About Crdentia Corp. Crdentia Corp., one of the
nation's leading providers of healthcare staffing solutions, is
focused on recruiting talented national and international
healthcare professionals to meet the ever-increasing employment
needs of over 2,300 clients. Crdentia is one of the few companies
that can provide quality temporary staff for all healthcare
industry positions including local nurses, travel nurses, allied
health, locum tenens and home care professionals. For more
information, visit http://www.crdentia.com/. Forward Looking
Statements Statements contained in this release that are not
historical facts are forward-looking statements that involve risks
and uncertainties. Among the important factors which could cause
actual results to differ materially from those in the
forward-looking statements include, but are not limited to, those
discussed in "Risk Factors" in the Company's Forms 10-K, Forms
10-Q, and other filings with the Securities and Exchange
Commission. Such risk factors include, but are not limited to, a
limited operating history with no earnings; reliance on the
Company's management team, members of which have other business
interests; the ability to successfully implement the Company's
business plan; the ability to continue as a going concern; the
ability to fund the Company's business and acquisition strategy;
the growth of the temporary healthcare professional staffing
business; difficulty in managing operations of acquired businesses;
uncertainty in government regulation of the healthcare industry;
and the limited public market for the Company's common stock. The
actual results that the Company achieves may differ materially from
any forward-looking statements due to such risks and uncertainties.
Crdentia undertakes no obligation to revise or update publicly any
forward-looking statements for any reason. Contact Crdentia Corp.
John Kaiser, CEO Phone: 972.850.0780 Fax: 972.392.2722 Jim
TerBeest, CFO Phone: 972.850.0780 Fax: 972.392.2722 DATASOURCE:
Crdentia Corp. CONTACT: John Kaiser, CEO, , or Jim TerBeest, CFO, ,
both of Crdentia Corp., +1-972-850-0780, Fax, +1-972-392-2722 Web
site: http://www.crdentia.com/
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