WEST BRIDGEWATER, Mass., Feb. 11 /PRNewswire-FirstCall/ -- Boston Biomedica, Inc. (Nasdaq: BBII) today announced that the Company has entered into a $2.5 million Revolving Credit and Security Agreement with CapitalSource Finance LLC of Chevy Chase, Maryland. The facility is secured by accounts receivable and inventory, and will be used to finance manufacturing and repository facility improvements, and for general working capital purposes.
Kevin Quinlan, President of Boston Biomedica, Inc. commented as follows: "This facility is an important step for BBI, and will help us complete our 2004 business plan, as well as allow us to pursue other interesting opportunities in our core business. We are very pleased to have accomplished this goal, and we look forward to working with CapitalSource and their finance team."
About Boston Biomedica, Inc.
BBI provides products and services to the diagnostics and life sciences industry to evaluate, monitor, and ensure the quality of infectious disease test results, to improve the preparation of specimens for genomic/proteomic testing, and to safely store and retrieve rare and valuable biological specimens. The Company also manufactures reagents used in test kits and provides a broad range of routine and esoteric research services to governments and industry. BBI operates in three states, and conducts research in new applications for our patented Pressure Cycling Technology (PCT). In 2000, the Company launched Panacos Pharmaceuticals and maintains a passive investment in this antiviral drug development company.
Forward Looking Statements
Statements contained in this news release regarding the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are "forward-looking'' statements. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. There can be no assurance that Boston Biomedica will have future growth, that shareholder value will be increased, or that a revolving credit facility will have a significant impact on the success of the Company or achievement of its business plans. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements and risk factors are contained in the Company's recent filings with the Securities and Exchange Commission of its Annual Report on Form 10-K for the year ended December 31, 2002, and on Form 10-Q's for the quarters ended March 31, June 30, and September 30, 2003. Copies of these documents may be obtained by contacting the Company or the SEC at www.sec.gov.
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Investor Contact:
Kevin W. Quinlan, President & COO
Boston Biomedica, Inc.
(508) 580-1900 (T)
(508) 580-1110 (F)
SOURCE Boston Biomedica, Inc.