Date: March 28, 2006
Source: Business Wire
JPMorgan Chase Bank Line of Credit Available For Working Capital, Letters of Credit, Acquisitions and General Corporate Purposes
Sharps Compliance Corp. and subsidiaries (OTCBB:SCOM), leading providers of cost-effective medical waste disposal solutions for industry and consumers, today announced the execution of a $1.5 million Credit Agreement with JPMorgan Chase Bank, N.A.
The Credit Agreement provides for a revolving line of credit (the "Line of Credit") in the principal amount of $1.5 million. The proceeds of the Line of Credit may be used for working capital, letters of credit, acquisitions and general corporate purposes.
Regarding the announcement, Dr. Burton J. Kunik, Chairman, Chief Executive Officer and President of Sharps Compliance Corp. stated, "We consider our new banking relationship as a significant milestone in the history of the Company. JPMorgan Chase shares our vision in the future of the industry and the significant opportunities available to the Company."
Kunik added, "This line of credit provides us with additional financial support for our planned organic growth in the many markets we serve as well as capital to support potential acquisitions. We are very pleased to have established our new banking relationship with a leading financial institution such as JPMorgan Chase."
The Line of Credit replaces the Accounts Receivable Purchase (Factoring) Agreement with Silicon Valley Bank. For more information on the new Line of Credit, please refer to a Current Report on Form 8-K filed by the Company on March 28, 2006.
More information: www.sharpsinc.com.