Decision Diagnostics Closes $12.5 Million (Non-Dilutive) Credit Facility With Division of Platinum Credit Management
LOS ANGELES, CA -- (Marketwired) -- 12/19/13 -- Decision Diagnostics Corp. (DECN) the exclusive worldwide sales, service and regulatory processes agent for the popular Shasta GenStrip", the unique Green Glucose Test Strip, specifically designed to work with the Johnson & Johnson's (NYSE: JNJ) LifeScan Ultra family of glucose testing meters, today announced that that the Company has closed its agreement for a $12.5 million revolving credit line from Alpha Credit Resources, LLC, a division of Platinum Credit Management LP of New York, NY.
The company also announced that the new $12.5 million credit line will be equity free (no share dilution) and when matched with the company's current 1.8X sales turns per month (velocity), this credit facility will finance company sales of its GenStrip product line through $250+ million annually. Finally, the company announced that it is in discussions with Platinum to fund the prosecution of the company's Anti-trust lawsuit against J&J/Lifescan.
"This credit line provides substantial resources for the Company to initiate our aggressive and time sensitive GenStrip business strategies," commented Keith Berman, DECN's Principal Officer, CFO and the GenStrip Program Director. "We want to make it clear to our shareholders, and the investing public, that our commercial lender Platinum Credit Management does not view Decision Diagnostics as a small business."
Mr. Berman continued, "We are in final discussions to back up our new $12.5 million credit line with an additional line to fund the company's prosecution of J&J/Lifescan. As many are aware, judgments in Anti-trust suits can include awards of triple damages. Litigation prosecution pools are very popular instruments, often only available to the largest of companies or those with the strongest of cases to prosecute."
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Mr. Berman continued, "DECN never had to turn to stock market arbitrages such as equity lines of credit, equity participation agreements or any other type of toxic financing to secure this $12.5 million line of credit. In fact there is no on-going equity provision period. With the significant revenue streams GenStrip will produce, when coupled with our renewed access to $12.5 million of growth capital, we are now well positioned to complete the launch of GenStrip and embark on our two missions, branding GenStrip and defeating J&J/Lifescan in court. "
This release contains forward-looking statements about our business or financial condition that reflect our assumptions and beliefs based on information currently available. We can give no assurance that the expectations indicated by such forward-looking statements will be realized. There may be other risks and circumstances that we are unable to predict. When used in this release, words such as "believes," "expects," "forecasts," "intends," "projects," "plans," "anticipates," "estimates," "will" and similar expressions are intended to identify forward-looking statements, although there may be certain statements not accompanied by such expressions.
For further information about Shasta GenStrip, please visit the company's Web Sites: http://www.decisiondiagnostics.com/ or http://www.shastagenstrip.com/. The company also reminds all interested parties that the airing of its commercial video titled "GenStrip: A Patchwork of Life began on November 1 and will continue. We are currently filming additional Patchwork of Life commercials. And in the meantime the extremely popular video is available for viewing at: http://shastagenstrip.com/shasta_ad.html or http://youtu.be/zzBuHxb-rlM.
GenStrip" test strips are a product of Shasta Technologies, LLC and are not manufactured, distributed, endorsed, or approved by nor associated with LifeScan®, Inc. a Johnson & Johnson® Company, manufacturers and distributors of the OneTouch® Ultra® Family of Meters and OneTouch® Ultra® test strips purchased prior to July 2013.
Decision Diagnostics Corp. Keith Berman (805) 446-2973 firstname.lastname@example.org
Source: Decision Diagnostics Corp.