Glucose Health entered into a receivables financing agreement with Citibank.

Under the agreement, Glucose Health may sell and Citibank may purchase certain of the company’s receivables. The receivables purchased by Citibank are purchased at a discount to their face value based upon a negotiated premium to LIBOR.

“The purpose of entering into a receivables financing agreement is to receive faster payment after invoicing a customer. This is important to our company because we can more closely match the time we incur our costs of production, with the receipt of revenues,” Glucose Health CEO Murray Fleming said. “While completing the Citibank agreement, we delayed invoicing of some product sales from the third to the fourth quarter in order to take advantage of the agreement.”

Glucose Health is a manufacturer of diabetes nutritional products for the over-the counter, non-prescription consumer market segment.