ST. LOUIS, March 16 /PRNewswire-FirstCall/ -- Stereotaxis, Inc. (Nasdaq:
STXS) today announced that it has extended its credit facility with Silicon
Valley Bank, a member company of SVB Financial Group (Nasdaq: SIVB). Under
the new agreement, which matures on March 31, 2010, the Company can borrow up
to $25 million.
"This extension of our line of credit, combined with our existing cash
position and other financing sources, provides us with the financial resources
we believe we need to execute our business plan," said Mike Kaminski,
Stereotaxis President and CEO. "In light of our recent $20 million capital
raise, our outlook on our financing needs and the opportunity to reduce the
cost of borrowing, we voluntarily reduced the size of the line from $30
million to $25 million. Silicon Valley Bank has been a valued partner in our
growth and this extension demonstrates their continued confidence in our
strategy and ability to achieve our objectives."
"SVB remains committed to supporting Stereotaxis, providing financial
solutions that allow the company to pursue its plans for growth," said Mike
Kohnen of Silicon Valley Bank. "We're proud to be its financial partner and
look forward to our continued strong relationship."
About Stereotaxis
Stereotaxis designs, manufactures and markets an advanced cardiology
instrument control system for use in a hospital's interventional surgical
suite to enhance the treatment of coronary artery disease and arrhythmias. The
Stereotaxis System is designed to enable physicians to complete more complex
interventional procedures by providing image guided delivery of catheters and
guidewires through the blood vessels and chambers of the heart to treatment
sites. This is achieved using computer-controlled, externally applied magnetic
fields that govern the motion of the working tip of the catheter or guidewire,
resulting in improved navigation, shorter procedure time and reduced x-ray
exposure. The core components of the Stereotaxis system have received
regulatory clearance in the U.S., Europe and Canada.
About Silicon Valley Bank
Silicon Valley Bank is the premier commercial bank for companies in the
technology, life science, venture capital/private equity and premium wine
industries. SVB provides a comprehensive suite of financing solutions,
treasury management, corporate investment and international banking services
to its clients worldwide. Through its focus on specialized markets and
extensive knowledge of the people and business issues driving them, Silicon
Valley Bank provides a level of service and partnership that measurably
impacts its clients' success. Founded in 1983 and headquartered in Santa
Clara, Calif., the company serves clients around the world through 27 U.S.
offices and international operations in China, India, Israel and the United
Kingdom. Silicon Valley Bank is a member of global financial services firm SVB
Financial Group (Nasdaq: SIVB), with SVB Analytics, SVB Capital, SVB Global
and SVB Private Client Services. More information on the company can be found
at www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial
banking operation of SVB Financial Group. Banking services are provided by
Silicon Valley Bank, a member of the FDIC and the Federal Reserve. SVB Private
Client Services is a division of Silicon Valley Bank. SVB Financial Group is
also a member of the Federal Reserve System.
Forward Looking Statements
This press release includes statements that may constitute "forward-
looking" statements, usually containing the words "believe," "estimate,"
"project," "expect" or similar expressions. Forward-looking statements
inherently involve risks and uncertainties that could cause actual results to
differ materially from the forward-looking statements. Factors that would
cause or contribute to such differences include, but are not limited to,
continued acceptance for the Company's products in the marketplace,
competitive factors, changes in government reimbursement procedures,
dependence upon third-party vendors, and other risks discussed in the
Company's periodic and other filings with the Securities and Exchange
Commission. By making these forward-looking statements, the Company undertakes
no obligation to update these statements for revisions or changes after the
date of this release. There can be no assurance that we will recognize revenue
related to our purchase orders and other commitments in any particular period
or at all because some of these purchase orders and other commitments are
subject to contingencies that are outside of our control. In addition, these
orders and commitments may be revised, modified or canceled, either by their
express terms, as a result of negotiations, or by project changes or delays.
SOURCE Stereotaxis, Inc.
-0- 03/16/2009
/CONTACT: Company, Jim Stolze, Chief Financial Officer of Stereotaxis,
Inc., +1-314-678-6105; or Investors, Doug Sherk or Jenifer Kirtland,
+1-415-896-6820; or Media, Steve DiMattia of EVC Group, Inc., +1-646-201-5445,
all for Stereotaxis, Inc./
/Web Site: http://www.stereotaxis.com /
(SIVB STXS)
CO: Stereotaxis, Inc.; SVB Financial Group; Silicon Valley Bank
ST: Missouri
IN: FIN HEA MEQ MTC
SU:
PR
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5429 03/16/200906:00 EDThttp://www.prnewswire.com