By Lisa Kerner
Charlotte, N.C., Nov. 14 - Encision Inc. said it secured a three-year $2 million line-of-credit facility with SVB Silicon Valley Bank.
In addition, the company issued warrants to SVB Silicon Valley Bank.
"Despite our improved cash position over the first six months of fiscal year 2007, we felt it was prudent to obtain a line-of-credit facility to help fund our growth initiatives," president and chief executive officer Jack Serino said in a company news release.
"Our goal, over the next six to twelve months, is to offer a disposable instrument option for each major reusable product. In addition, we intend to more than double our number of direct sales territories over that same time period."
Encision is a medical device company located in Boulder, Colo.
| Issuer: | Encision Inc.
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| Amount: | $2 million
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| Security description: | Line of credit
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| Investor: | SVB Silicon Valley Bank
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| Announcement date: | Nov. 14
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