Attached files
| file | filename |
|---|---|
| EX-10.1 - SERACARE LIFE SCIENCES INC | v207435_ex10-1.htm |
| EX-10.2 - SERACARE LIFE SCIENCES INC | v207435_ex10-2.htm |
| 8-K - SERACARE LIFE SCIENCES INC | v207435_8k.htm |
Exhibit
99.1
SeraCare
Life Sciences Secures $20 Million Credit Facilities
Milford, MA January 6, 2011 -
SeraCare Life Sciences, Inc.
(NASDAQ: SRLS), a global life sciences company providing vital products and
services to facilitate the discovery, development and production of human
diagnostics and therapeutics, today announced that it has entered into a loan
agreement that provides senior secured credit facilities in the aggregate amount
of $20.0 million with Middlesex Savings Bank and Commerce Bank and Trust
Company. Subject to the terms of the loan agreement, SeraCare can use
these funds for working capital, acquisitions, stock repurchases and other
general corporate purposes.
“We see securing this loan as one of the
first steps towards achieving our goal of doubling the size of SeraCare’s
business over the next three to four years through a combination of organic
growth from our existing business and opportunistic acquisitions,” commented
Gregory Gould, Chief Financial Officer of SeraCare. “We believe we
are well positioned to grow our existing business over the next several years
and can now leverage the strength of our balance sheet with the additional
financial resources provided by these credit facilities to maximize SeraCare’s
opportunities.”
Under the loan agreement, Middlesex
Savings Bank and Commerce Bank and Trust Company will provide $12.0 million and
$8.0 million, respectively, of the total $20.0 million credit facilities, and
Middlesex Savings Bank will serve as administrative agent. The credit
facilities are comprised of a $5.0 million revolving line of credit and a $15.0
million term loan facility and are subject to various conditions and
covenants. Additional details can be found in SeraCare’s Form 8-K
filed with the Securities and Exchange Commission regarding the credit
facilities.
About
SeraCare Life Sciences, Inc.:
SeraCare
serves the global life sciences industry by providing vital products and
services to facilitate the discovery, development and production of human
diagnostics and therapeutics. The Company's innovative portfolio includes
diagnostic controls, plasma-derived reagents and molecular biomarkers,
biobanking and contract research services. SeraCare's quality systems,
scientific expertise and state-of-the-art facilities support its customers in
meeting the stringent requirements of the highly regulated life sciences
industry.
Forward-Looking
Statements:
This
press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 about SeraCare Life Sciences,
Inc. ("SeraCare" or the "Company"). All statements regarding our expected future
financial position, results of operations, cash flows, business
strategy, and plans and objectives of management for future
operations are forward-looking statements. In addition, forward-looking
statements include statements in which we use words such as "expect," "believe,"
"anticipate," "intend," or similar expressions. Although we believe the
expectations reflected in such forward-looking statements are based on
reasonable assumptions, we cannot assure you that these expectations will prove
to have been correct, and actual results may differ materially from those
reflected in the forward-looking statements. Factors that could cause our actual
results to differ from the expectations reflected in the forward-looking
statements in this press release include, but are not limited to, failure to
maintain proper inventory levels, availability of financing, reductions or
terminations of government or other contracts, interruption in our supply of
products or raw materials, actions of SeraCare's competitors, changes in the
regulatory environment, delays in new product introductions, lack of market
acceptance of new products, decreased healthcare spending, reduced margins
resulting from a shift in revenue towards services, prolonged impairment of
sales from changes in our sales organization, absence or loss of acquisition
opportunities to higher bidders, potential failure to complete any announced
acquisition, and potential failure of any acquisition to produce expected
revenues, profits or synergies. Many of these factors are beyond our ability to
control or predict.