Signalife Procures $10 Million Credit Facility; Announces Termination of Marketing Agreement With Rubbermaid
January 29 2007 - 5:00PM
PR Newswire (US)
GREENVILLE, S.C., Jan. 29 /PRNewswire-FirstCall/ -- Signalife, Inc.
announces that on January 25, 2007 it procured a $10 million
revolving credit facility from SES Capital, LLC, under which
Signalife may draw advances over a five year term to meet its cash
flow requirements. All advances are repayable in a balloon payment
on February 25, 2012, together with interest at 7% per annum.
Signalife may, in its sole discretion, convert any principal and
interest outstanding into common shares at a conversion rate equal
to $3.15 per share or, if greater, the fair market value of those
shares on AMEX as of the date of a draw request. As additional
compensation for any conversion, Signalife will issue SES Capital a
five-year warrant entitling it to purchase a number of common
shares equal to 25% of the shares received upon conversion at the
same price as the conversion price. Signalife also announces that
its Marketing Agreement with Rubbermaid, Inc., under which
Rubbermaid was granted the exclusive third-party right to market
Signalife's Fidelity 100 heart monitor system, was terminated on
January 24, 2007, and that Signalife has filed suit against
Rubbermaid for its failure to perform under that agreement.
Commenting on these events, Signalife's Chairman, Chief Executive
Officer and President, Pamela M. Bunes, stated: "The credit line
Signalife has procured will ensure we have sufficient funding to
bring our products to market. Signalife is actively selling our
Fidelity 100 heart monitors, and will continue to ramp up our sales
efforts, including establishing relationships both internally and
externally with sales and distribution partners." About Signalife,
Inc. Signalife, Inc. is a life sciences company focused on the
monitoring and detection of disease through continuous biomedical
signal monitoring. Signalife uses its patented signal technology to
design and develop medical devices that simplify and reduce the
costs of diagnostic testing and patient monitoring in an ambulatory
setting. Signalife, Inc. is the recipient of the Frost &
Sullivan Technological Innovation Award for 2006. Signalife, Inc.
is traded on the American Stock Exchange under the symbol SGN. More
information is located at http://www.signalife.com/. More
information concerning the events described in this release is
contained in a form 8-K filed on this date by the company. Caution
Regarding Forward-Looking Statements In this news release we make a
number of statements, referred to as "forward-looking statements",
which are intended to convey our expectations or predictions
regarding the occurrence of possible future events or the existence
of trends and factors that may impact our future plans and
operating results, including statements relating to projected
demand for our heart monitoring devices and increases in sales
revenues. Any statements in this news release that are not
statements of historical fact maybe considered to be
forward-looking statements. These forward-looking statements are
derived, in part, from various assumptions and analyses we have
made in the context of our current business plan and information
currently available to us and in light of our experience and
perceptions of historical trends, current conditions and expected
future developments and other factors we believe to be appropriate
in the circumstances. You can generally identify forward-looking
statements through words and phrases such as "seek," "anticipate,"
"believe," "estimate," "expect," "intend," "plan," "budget,"
"project," "may be," "may continue," "may likely result," and
similar expressions. Each forward-looking statement should be read
in context with, and with an understanding of, the various other
disclosures concerning our company and our business made in this
news release as well as other public reports we file with the SEC,
as they may be amended. You should not place undue reliance on any
forward-looking statement as a prediction of actual results or
developments. We are not obligated to update or revise any
forward-looking statement contained in this news release to reflect
new events or circumstances unless and to the extent required by
applicable law. DATASOURCE: Signalife, Inc. CONTACT: Pamela Bunes,
President and Chief Executive Officer of Signalife, Inc.,
+1-864-233-2300, Web site: http://www.signalife.com/
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