Jul 22 2010
American Scientific Resources, Inc. (the "Company" or "ASR") (Pink Sheets: ASFX) announces today that the Company has received final commitment for a $3 million purchase order financing facility from Hartsko Financial Companies for the purpose of sales order fulfillment only.
American Scientific Resources has been a trusted source as an innovator in providing unique health and safety-related products that help children and their families lead healthier, happier and safer lives.
The Company's newly manufactured Non-Contact Thermometers including the Kidz-Med 5-in-1 consumer model and the VeraTemp 5-in-1 professional model, which utilize the latest in technology as a trauma-free, no-touch way to take a temperature quickly and easily, are scheduled to hit the market during the third quarter 2010.
Dr. Christopher Tirotta, CEO of American Scientific, commented, "Having non-dilutive financing available at this progressive stage in the Company's timeline not only improves our operational cash position but also provides assurance to current and new vendors that their PO's will be delivered on time."
He continues, "This is not a line of credit. We will begin using the financing very shortly and look forward to enjoying the stability this financing affords our growing company."
Hartsko will have a security interest in the financed inventory.
Source:
American Scientific Resources, Inc.