OrthoAccel® Technologies, Inc. Secures Debt Facility of up to $4 million with
HOUSTON, Nov. 14, 2013
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
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 firstname.lastname@example.org.
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
SOURCE OrthoAccel Technologies, Inc.
Contact: Kris Kelly, OrthoAccel Technologies, Inc., +1-832-769-8740 (office),
+1-832-244-4815 (cell), Kkelly@orthoaccel.com
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