Hamilton Thorne Announces US$3 Million Acquisition Line of Credit
BEVERLY, Mass. and TORONTO, Nov. 15, 2018 (GLOBE NEWSWIRE) -- Hamilton Thorne Ltd. (TSX-V:HTL), a leading provider of precision instruments, consumables, software and services to the Assisted Reproductive Technologies (ART) and developmental biology research markets, today reported that it has established a US$3 million line of credit with its commercial bank to support future acquisitions.
-- Advances up to US$3 million; interest at prime rate -- Automatically converts to five year, fixed-rate term loans when balance exceeds US$750 thousand -- Bank advances up to 55% of target acquisition purchase price
“This new $3 million line of credit facility, on top of the over $12 million of cash on our balance sheet, allows us to pursue our existing acquisition program with greater speed and flexibility,” stated Michael Bruns, Chief Financial Officer. “We believe that access to additional, low-cost debt will allow us to complete acquisitions with a lower cost of capital while still keeping us well within our current comfort level of 2.5X senior secured debt to EBITDA.”
About Hamilton Thorne Ltd. ( www.hamiltonthorne.ltd )
Hamilton Thorne is a leading global provider of precision instruments, consumables, software and services that reduce cost, increase productivity, improve results and enable breakthroughs in Assisted Reproductive Technologies (ART) and developmental biology research markets. Hamilton Thorne markets its products and services under the Hamilton Thorne, Gynemed and Embryotech Laboratories brands, through its growing sales force and distributors worldwide. Hamilton Thorne’s customer base consists of fertility clinics, university research centers, animal breeding facilities, pharmaceutical companies, biotechnology companies, and other commercial and academic research establishments.
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Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict including the risk that the Company may not be able to obtain the necessary regulatory approvals, as applicable. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in filings by the Company with the Canadian securities regulators, which filings are available at www.sedar.com
For more information, please contact:
David Wolf, President & CEO Michael Bruns, CFO Glen Akselrod Hamilton Thorne Ltd. Hamilton Thorne Ltd. Bristol Investor Relations 978-921-2050 978-921-2050 416-737-4467 email@example.com firstname.lastname@example.org email@example.com