Urologix Secures Extension of Credit Facility
Credit Line Extended Through June 30, 2014
MINNEAPOLIS, Feb. 4, 2014 (GLOBE NEWSWIRE) -- Urologix^®, Inc. (OTCQB:ULGX),
the leading provider of in-office procedures for the safe, durable and
effective treatment of BPH, today announced that it has secured an extension
to June 30, 2014 of its credit facility with Silicon Valley Bank ("SVB"), the
commercial banking division of SVB Financial Group. The line of credit with
SVB allows borrowing by the Company of up to the lesser of $2.0 million or the
defined borrowing base consisting of 80% of eligible accounts receivable.
"Urologix is pleased to have the flexibility afforded by the line of credit
through the end of our fiscal year," stated Greg Fluet, Chief Executive
Officer. "While we have not had to draw on the line of credit over the last
two years, we think it is valuable to keep it in place as we work to transform
the company into a more operationally efficient entity that is well positioned
The credit facility provides Urologix with access to additional working
capital so the Company can continue to execute its growth strategy. The
facility is secured by the Company's assets and the Company has agreed to
comply with certain financial and non-financial covenants, including providing
certifications, reports and notices of certain demands. Additional details
regarding the amendment extending the credit facility are included in the
Company's Current Report on Form 8-K dated January 30, 2014.
Urologix, Inc., based in Minneapolis, develops, manufactures, markets and
distributes minimally invasive medical products for the treatment of
obstruction and symptoms due to Benign Prostatic Hyperplasia (BPH). Urologix'
Cooled ThermoTherapy™ produces targeted microwave energy combined with a
unique cooling mechanism to protect healthy tissue and enhance patient
comfort. The Prostiva® RF Therapy System delivers radio frequency energy
directly into the prostate destroying prostate tissue, reducing constriction
of the urethra, and thereby relieving BPH symptoms. Both of these therapies
provide safe, effective and lasting relief of the symptoms and obstruction due
to BPH. Prostiva® is a registered trademark of Medtronic, Inc., used under
license. All other trademarks are the property ofUrologix.
If you'd like more information on this topic, please contactBrian Smrdelat
(763) 475-7696 firstname.lastname@example.org to learn more aboutUrologixand its
products and services, visit their website atwww.urologix.com.
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About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science,
cleantech, venture capital, private equity and premium wine businesses. SVB
provides industry knowledge and connections, financing, treasury management,
corporate investment and international banking services to its clients
worldwide through 26 U.S. offices and seven international operations.
Forward Looking Statements
This press release contains forward-looking statements that are made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Any statements contained in this press release that are not
statements of historical fact may be deemed to be forward-looking statements.
Without limiting the foregoing, words such as "may," "will," "expect,"
"believe," "anticipate," "estimate" or "continue" or comparable terminology
are intended to identify forward-looking statements. Such forward looking
statements include, for example, the Company's future revenue and operating
performance, the effect on expenses or cash balances as a result of the
previously announced strategic restructuring, or the availability of borrowing
under the line of credit withSilicon Valley Bank. The statements made by the
Company are based upon management's current expectations and are subject to
certain risks and uncertainties that could cause the actual results to differ
materially from those described in the forward-looking statements. These risks
and uncertainties include market conditions and other factors beyond the
Company's control and the risk factors and other cautionary statements
described in the Company's Annual Report on Form 10-K for the year endedJune
30, 2013and other documents filed with theSecurities and Exchange
CONTACT: Urologix Investor Relations Contact
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