OrthoAccel® Technologies, Inc. Secures Debt Facility of up to $4 million with Comerica Bank
HOUSTON, Nov. 14, 2013 /PRNewswire/ -- OrthoAccel® Technologies, Inc. announced today that it has executed a debt facility for up to $4 million with Comerica Bank. The credit facility provides for up to $4 million in term debt and the issuance to Comerica of a warrant to purchase shares of the Company's Series B Preferred Stock.
"The installation of the Company's first debt facility is an important milestone for OrthoAccel," said Pamela Westbrook, OrthoAccel's chief financial officer and vice president of finance and administration. "We anticipate utilizing this facility to support planned sales growth and organizational development."
Westbrook added that OrthoAccel chose to establish their primary credit relationship with Comerica because of shared financial strategies.
"We are pleased to play such an important role in OrthoAccel's growth strategy," said Tim Klitch, Comerica's Technology & Life Sciences managing director. "The company's profile and needs align perfectly with Comerica's Technology & Life Sciences specialty practice."
About OrthoAccel® Technologies, Inc.
Based in Houston, Texas, OrthoAccel® Technologies, Inc. is a privately owned medical device company engaged in the development, manufacturing and distribution of products to enhance dental care and orthodontic treatment. OrthoAccel developed and sells AcceleDent® Aura, the first FDA-cleared clinical approach to safely accelerate orthodontic tooth movement by applying gentle SoftPulse Technology® as a complement to existing orthodontic treatment. More information can be found at acceledent.com and acceledent.co.uk or requested via email@example.com.
About Comerica Bank
Comerica Bank is a subsidiary of Comerica Incorporated, the largest U.S. commercial bank headquartered in Texas, strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to 136 banking centers in Dallas/Fort Worth, Houston, Austin, San Antonio and Kerrville regions of Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $64.7 billion at September 30, 2013. To learn more about Comerica's Technology & Life Sciences Division, please visit www.comerica.com/tls.
SOURCE OrthoAccel Technologies, Inc.