TSX VENTURE: HTL
BEVERLY, MA and TORONTO, ON, Dec. 30 /CNW/ - Hamilton Thorne Ltd. (TSX-V: HTL), a leading provider of advanced laser systems for the regenerative medicine, developmental biology and stem cell research markets, today announced that the Company has extended the maturity of its $5 million line of credit with Commerce Bank and Trust Company through October 1, 2012. The line of credit extension strengthens the Company's balance sheet and working capital by continuing to categorize the debt as long-term, and provides additional time for the Company to execute its growth strategy and refinance the debt on advantageous terms.
The line of credit extension is supported by letters of credit issued by two major shareholders. As part of the extension, the Company has agreed with those shareholders to develop a plan to reduce the debt and letters of credit over time, including, a commitment to utilize half of the proceeds from any potential exercise of certain outstanding warrants to reduce the bank debt.
About Hamilton Thorne Ltd. (www.hamiltonthorne.com)
Hamilton Thorne is a leading provider of advanced laser systems for the regenerative medicine, and stem cell research markets. Hamilton Thorne's lead products, the ZILOS-tk™ and XYClone® laser systems, attach to standard inverted microscopes and operate as robotic micro-surgeons, significantly reducing time and increasing efficiency in key in-vitro fertilization, stem cell, and regenerative medical research applications. The new Staccato™ and Stiletto™ laser systems are designed to broaden the Company's markets and offer significant advantages to developmental biology, cancer research and advanced cell biology researchers.
Hamilton Thorne's growing customer base includes pharmaceutical companies, biotechnology companies, fertility clinics, university research centers, and other commercial and academic research establishments worldwide. Current customers include world-leading research labs such as Harvard University, MIT, Yale, McGill University, DuPont, Monsanto, Charles River Labs, Jackson Labs, Merck, Novartis, Pfizer, Oxford University, and Cambridge.
Neither the Toronto Venture Exchange, nor its regulation services provider (as that term is defined in the policies of the exchange), accepts responsibility for the adequacy or accuracy of this release.
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. 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 further information: For further information:
David Wolf, President
Hamilton Thorne Ltd.
Lisa Rivero, Director of Corporate Communications
Hamilton Thorne Ltd.
The Equicom Group