Alpha Credit Resources Provides Revolver to Decision Diagnostics
Decision Diagnostics Corp. (DECN), the exclusive worldwide sales, service and regulatory processes agent for Shasta GenStrip™, announced that it received a term sheet agreement for a $12.5 million revolving credit line from Alpha Credit Resources, a division of Platinum Credit Management LP.
The new $12.5 million credit line will be totally equity free and when matched with the company’s current 1.8X sales turns per month, the credit facility will finance company sales of its GenStrip product line through $250 million-plus annually.
The closing of the credit line and initial take-down is subject to DECN Board approval and the usual and customary documentation required for commercial credit and is expected early in November.
“Our credit line provides substantial resources for the company to initiate our important, aggressive and revolutionary GenStrip business strategies,” commented Keith Berman, DECN’s principal officer, CFO and the GenStrip program director. “We want to make it clear to our shareholders, and the investing public, that our commercial lender Platinum Credit Management does not view Decision Diagnostics as a small business and is backing up their beliefs with $12.5 million. Thus, DECN never had to turn to stock market arbitrages such as equity lines of credit, equity participation agreements or any other type of toxic financing.”
DECN is a provider of prescription and non-prescription diagnostics, home testing products for the chronically ill and a developer of revolutionary cell phone centric e-health products and technologies.