NanoSignal Corp. Announces Funding: $10 Million Line of Credit NanoSignal Corp. (Pink Sheets: NNOS) announced today that it has secured a credit line through AMC International Law Associates represented by Dr. Rodney Daniel, executive vice president. This credit line is established at Standard Charter Bank for $10 million.
"This credit line is to assist NanoSignal Corp. in two areas," said Dr. Rupert Perrin, chairman of the board of NanoSignal Corp. "The first is to complete SLICES(TM) Technology and the second is the acquisition of 10 MRI centers located in South Florida.
"This is a great day for such an announcement as we can commence with our plans. We want to prepare a progress report for all our shareholders of record before the end of next month," concluded Dr. Perrin.
Funding is expected to be released within the next 10 business days or upon our completion of certain necessary documentation and some of the completed funding will consist of a private funding collateral document being completed and accompanying materials by the legal counsel. One million dollars is intended to finish development of "SLICES" and make it ready for markets. Additional line of credit of $1 million is going directly to NanoSignal Corp. for manufacturing and production of "SLICES" and the balance of $8 million for the acquisition of up to 10 MRI centers located in South Florida.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by the lead-in "Looking Forward." These statements are not guarantees of future performance and involve significant risks and uncertainties. Actual results may vary materially from those in the forward-looking statements.
Princeton Research Inc. for NanoSignal Corp. Mike King, 702-650-3000
Source: Business Wire (September 27, 2005 - 3:06 PM EDT)
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