Platinum Credit Management Closes Decision Diagnostics Facility
Decision Diagnostics announced that that the company closed its agreement for a $12.5 million revolving credit line from Alpha Credit Resources, a division of Platinum Credit Management of New York, NY.
The company also announced that the new $12.5 million credit line will be equity free (no share dilution) and when matched with the company’s current 1.8X sales turns per month (velocity), this credit facility will finance company sales of its GenStrip product line through $250-plus million annually. Finally, the company announced it is in discussions with Platinum to fund the prosecution of the company’s anti-trust lawsuit against J&J/Lifescan.
“This credit line provides substantial resources for the Company to initiate our aggressive and time sensitive GenStrip business strategies,” commented Keith Berman, DECN’s principal officer, CFO and 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. We are in final discussions to back up our new $12.5 million credit line with an additional line to fund the company’s prosecution of J&J/Lifescan. As many are aware, judgments in anti-trust suits can include awards of triple damages. Litigation prosecution pools are very popular instruments, often only available to the largest of companies or those with the strongest of cases to prosecute.”
Decision Diagnostics develops products that offer unique solutions in medical care and management by providing physicians with essential information at the point of care.