Jul 5 2010
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.
"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.
Interest 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.