SeraCare Announces Substantial Addition to Credit Facility6 October 2005
SeraCare Life Sciences, Inc.
(Nasdaq: SRLS), an innovative developer and provider of human and animal based
diagnostic, therapeutic and research products and services for the life
science industry, announced today the terms of an expansion of its credit
facility with its existing banks.
SeraCare Life Sciences, Inc. has entered into an amendment to its
Revolving/Term Credit and Security Agreement with Brown Brothers Harriman & Co.
and Union Bank of California, N.A. The amendment allows for a substantial
increase in the aggregate revolving loan commitment by $15,000,000 from
$10,000,000 to $25,000,000. Additionally it adds a swing line facility in the
amount of $2,000,000 and makes certain other modifications to the agreement.
Michael F. Crowley, Jr., President and CEO of SeraCare Life Sciences, said,
"We are pleased that our financial partners, Brown Brothers Harriman and Union
Bank, have shown this commitment in SeraCare through an expansion of our
credit agreement."
Craig A. Hooson, SeraCare's CFO added, "This gives us the financial
flexibility to further our growth, organically and through acquisition, so
that we can continue to implement our business plan in an opportunistic
manner."
About SeraCare Life Sciences
SeraCare Life Sciences, Inc. is a manufacturer and supplier of biological
materials and services essential for the use and manufacture of diagnostic
tests and the discovery, development and commercial production of
pharmaceuticals. The Company's offerings include plasma-based therapeutic
products, diagnostic products and reagents, cell culture products, specialty
plasmas, in vitro stabilizers, and the Global Repository(R), comprised of
clinical samples (DNA, RNA, tissue, and serum) for use in the drug discovery
and development processes. SeraCare is headquartered in Oceanside, CA, and
maintains facilities in Cambridge and West Bridgewater, MA; Frederick and
Gaithersburg, MD; and Hatboro, PA. For more information please visit
http://www.seracare.com or divisional web sites at http://www.bbii.com and
http://www.getdna.com.
Safe Harbor For Forward Looking Statements
Certain statements contained in this press release may be deemed to be
forward looking statements under federal securities laws, and the Company
intends that such forward looking statements be subject to the safe harbor
created thereby. The Company cautions that these statements are qualified by
important factors that could cause actual results to differ materially from
those reflected by the forward looking statements. Information on factors that
could affect the Company and its financial results is included in the
Company's report on Form 10-K for the year ended September 30, 2004 filed with
the Securities and Exchange Commission (SEC) as well as the Company's other
public filings with the SEC. The Company undertakes no obligation to publicly
update or revise any forward looking statements, whether as a result of new
information, future events or otherwise.
Source: PR Newswire
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