Fundraising

8 Jan 2007 07:00

PuriCore Plc08 January 2007 PuriCore Raises $5.1 million of debt MALVERN, PENNSYLVANIA, and STAFFORD, UK, January 8, 2007 -- PuriCore plc("PuriCore"), the life sciences company focused on the development of its novel,safe antimicrobial technology, today announces that it has raised gross proceedsof approximately $5.1 million of debt through a promissory note with TennesseeCommerce Bank. The promissory note is secured by future cash flows associated with rentedSterilox Systems installed in 2006 by the company's US Food Safety Division.The principal amount along with interest (at a nominal rate of 8.5 per cent perannum) is repayable in monthly instalments over the life of the operating leasewith its customer. Keith A. Goldan, Chief Financial Officer at PuriCore, commented: "This capital enables us to build on the company's stated strategy of rentingSterilox Systems to our customers. We continue to grow our portfolio of assetsthat produce recurring, predictable and sustainable revenues and cash flows overthe long term. Furthermore, this funding further strengthens our cash position,optimises the Company's weighted average cost of capital, and enables us toclose 2006 with approximately $42 million on our balance sheet." FOR FURTHER INFORMATION: PuriCore plc Tel: +1 (484) 321 2700Greg Bosch, Chief Executive OfficerKeith A. Goldan, Chief Financial Officer Financial Dynamics Tel: +44 (0) 20 7831 3113Ben BrewertonJohn Gilbert ABOUT PURICORE PLC PuriCore is a life sciences company focused on the development andcommercialisation of its proprietary technology that mimics the production bythe human body of its natural anti-microbial, hypochlorous acid. Hypochlorousacid is highly effective at killing pathogens such as bacteria, viruses andfungi and yet is safe and environmentally friendly. PuriCore's solutions haveapplications in a wide range of markets where it is important to controlmicrobial contamination. These markets include medical device disinfection,food safety, dental equipment decontamination, environmental remediation,hospitality, water safety, wound management and other applications intended tolimit the spread of infectious disease, including major global disease threatssuch as Tuberculosis, MRSA, Influenza, E.coli, Norovirus, HIV, polio, HepatitisA, H.pylori and Legionella. PuriCore markets a portfolio of branded systems which produce hypochlorous acidsolutions on-site at a customer's location from water, electricity and commonsalt. These solutions are generated at a range of concentrations and at anearly neutral pH range similar to the human body. They are effective as soaks,sprays, mists and in other forms. PuriCore is headquartered in Malvern, Pennsylvania and has offices in Stafford,UK. To receive additional information on the company, please visit our Web site atwww.puricore.com, which does not form part of this press release. This information is provided by RNS The company news service from the London Stock Exchange