Crdentia Completes New $10 Million Working Capital Facility With Systran Financial Services
February 14 2007 - 4:14PM
PR Newswire (US)
DALLAS, Feb. 14 /PRNewswire-FirstCall/ -- Crdentia Corp. (OTC:CRDT)
(BULLETIN BOARD: CRDT) , a leading U.S. provider of healthcare
staffing services, announced today that it had successfully closed
a new $10 million receivables-based working capital facility with
Systran Financial Services Corporation, a subsidiary of Textron
Financial Corporation. The working capital facility with Systran
Financial replaces all of Crdentia's obligations with Bridge
HealthCare Finance, LLC, at a significantly lower cost and on
substantially more favorable terms. Proceeds from the Systran
Financial funding were used to repay a $3.2 million revolving
credit facility and a $692,000 term loan, both owed to Bridge.
Proceeds were also used to pay nearly $500,000 of penalties for
early withdrawal from the Bridge agreement. "We are delighted that
we have been able to significantly improve our terms through this
funding with a lender of the quality of Systran Financial and
Textron. The significantly reduced costs will allow us to increase
stockholder value. We are delighted that we have completed such a
terrific funding arrangement with Systran and Textron that greatly
improves our situation," commented Chairman and CEO, Jim Durham.
About Crdentia Corp. Crdentia Corp. is one of the nation's leading
providers of healthcare staffing services. Crdentia seeks to
capitalize on an opportunity that currently exists in the
healthcare industry by targeting the critical nursing and allied
shortage issue. There are many small, private companies that are
addressing the rapidly expanding needs of the healthcare industry.
Unfortunately, due to their relatively small capitalization, they
are unable to maximize their potential, obtain outside capital or
expand. By consolidating well-run small private companies into a
larger public entity, Crdentia intends to facilitate access to
capital, the acquisition of technology, providing greater diversity
of client services and expanded distribution that, in turn, drive
internal growth. For more information, visit
http://www.crdentia.com/. About Textron Financial Corporation
Textron Financial is a diversified commercial finance company with
$10 billion in managed receivables. It has core businesses in
Aviation Finance, Asset-Based Lending, Distribution Finance, Golf
Finance, Resort Finance, and Structured Capital. Textron Financial
also provides financing programs for products manufactured by its
parent company, Textron Inc. (NYSE:TXT). Additional information
about the company is available at http://www.textronfinancial.com/.
Forward Looking Statements Statements contained in this release
that are not historical facts are forward-looking statements that
involve risks and uncertainties. Among the important factors which
could cause actual results to differ materially from those in the
forward-looking statements include, but are not limited to, those
discussed in "Risk Factors" in the Company's Forms 10-KSB, Forms
10-QSB, and other filings with the Securities and Exchange
Commission. Such risk factors include, but are not limited to, a
limited operating history with no earnings; reliance on the
Company's management team, members of which have other business
interests; the ability to successfully implement the Company's
business plan; the ability to continue as a going concern; the
ability to fund the Company's business and acquisition strategy;
the growth of the temporary healthcare professional staffing
business; difficulty in managing operations of acquired businesses;
uncertainty in government regulation of the healthcare industry;
and the limited public market for the Company's common stock. The
actual results that the Company achieves may differ materially from
any forward-looking statements due to such risks and uncertainties.
We undertake no obligation to revise or update publicly any
forward-looking statements for any reason. AT THE COMPANY: AT
FINANCIAL RELATIONS BOARD: James D. Durham Lasse Glassen Chairman
and CEO 310-854-8313 972-850-0780 DATASOURCE: Crdentia Corp.
CONTACT: James D. Durham, Chairman and CEO of Crdentia Corp.,
+1-972-850-0780; or Lasse Glassen of Financial Relations Board,
+1-310-854-8313, , for Crdentia Corp. Web site:
http://www.textronfinancial.com/ Web site: http://www.crdentia.com/
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