Oncologix Tech Inc. (OTC Pink:OCLG) (PINKSHEETS: OCLG), a fully reporting medical holding company, announced today that it has negotiated final terms on a second tranche of funding in the amount of $1,200,000 from its $4,000,000 revolving line of credit from its Senior Lender. This comes on the heels of the signing of a Letter of Intent (LOI) with another Medical Products Company allowing OCLG to complete due diligence to finalize these two Medical Products Company’s acquisitions. The Company must continue to meet specific monthly reporting and collateral requirements to further draw upon the revolving credit facility of $4,000,000.
Wayne Erwin, Chairman and CEO of Oncologix, stated, “We are delighted to secure second tranche funding with TCA Global that supports our company’s new acquisitions needs. Securing this funding allows us to rapidly close on the final negotiations with these two medical product companies in the home medical, durable medical and sleep apnea equipment space. The two target companies have combined annual revenues of approximately $3.2 million with approximate EBITDA of $700,000. We expect to complete these transactions within 45 days. Completion of these acquisitions continues our corporate strategy of achieving $25 million in annual revenues and positive EBITDA of $3 million within the next year, primarily through continued acquisitions and organic growth in our Healthcare Services, Medical Devices and Medical Products Distribution & Technology Divisions.”
“Acquisition of these Medical Products Companies will continue our mission to establish a national footprint of product distribution and strategic advantages across the U.S. that support our three primary distribution strategies, distribution of medical products in Medicare accredited markets, wholesale/commercial distribution and product distribution to Government agencies” added Harold Halman, President and COO of our Medical Products Division.
About TCA Global Fund
TCA Global is a short duration, absolute return fund specializing in senior secured lending to small-cap, listed companies in the U.S., Canada, Western Europe and Australia. The firm has a level of domestic and cross-border expertise, long-standing experience and funding innovations, as is reflected in the number of transactions completed. For more information see www.tcaglobalfund.com.
About Oncologix Tech
Oncologix is fully reporting, diversified public medical holding company that operates and manufactures Class II medical device products, delivers Personal Healthcare Services, and provides sales and distribution of medical products and technologies. For its clients, Oncologix provides FDA approved medical devices, state licensed healthcare services, and medical products and technologies. For its shareholders, Oncologix operates profitable business divisions that build, maintain and nourish shareholder value. The Company’s corporate mission is to be the best small cap medical device and healthcare services holding company in North America.
This press release may contain forward-looking statements, made in reliance upon Section 21D of the Exchange Act of 1934, which involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from the results, performance, or expectations implied by these forward-looking statements. The Company's expectations, among other things, are dependent upon economic conditions, continued demand for its products, the availability of raw materials, retention of its key management and operating personnel, its ability to operate its subsidiary companies effectively, need for and availability of more capital as well as other uncontrollable or unknown factors which are more fully disclosed in the Company's filings with the Securities and Exchange Commission.
Wayne Erwin, Chairman and CEO
Synergy (888) 259-9173
SOURCE: Oncologix Tech Inc.