NEWTON, Mass., Oct. 26 Microfluidics International Corporation (OTC Bulletin Board: MFLU) today announced that it has received a $1.0 million secured revolving line of credit from Webster Bank, N.A. The credit line will be used as working capital in support of Microfluidics' global growth strategy and general corporate purposes.
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"This financing represents another significant step in our goal of securing the financial stability of the Company," said Michael C. Ferrara, Chief Executive Officer of Microfluidics International Corporation. "Specifically, these resources will support key growth initiatives, including the development and launch of new products, improved quality, and the implementation of targeted global marketing and lead-generation initiatives."
"This new line of credit provides Microfluidics with additional financial support of the Company's growth strategy," said Peter Byczko, Vice President of Finance & Chief Accounting Officer of Microfluidics. "We are pleased that Webster Bank, N.A. has joined Microfluidics to provide us with further liquidity to assist us in achieving our growth initiatives."
"Webster Bank is pleased to add innovative and local technology companies such as Microfluidics to our portfolio," said Peter Hicks, Vice President Emerging Growth and Technology Group. "We expect to build a mutually beneficial and strategic relationship that supports the sustained growth of both of our companies."
About Microfluidics International Corporation:
Microfluidics International Corporation designs, manufactures and distributes proprietary high performance Microfluidizer(Ū) materials processing and formulation equipment to the biotechnology, pharmaceutical, chemical, cosmetics/personal care and food industries. Microfluidics applies its more than 20 years of high pressure processing experience to produce the most uniform and smallest liquid and suspended solid particles available, and has provided manufacturing systems for nanoparticle products for more than 15 years.
The Company is a leader in advanced materials processing equipment for laboratory, pilot scale and manufacturing applications, offering innovative technology and comprehensive solutions for nanoparticles and other materials processing and production. More than 3,000 systems are in use and afford significant competitive and economic advantages to Microfluidics' equipment customers.
About Webster Financial Corporation
Webster Financial Corporation (NYSE: WBS) is the holding company for Webster Bank, National Association. With $17.5 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust and investment services through 181 banking offices, 492 ATMs, telephone banking and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation, the insurance premium finance company Budget Installment Corp., Center Capital Corporation, an equipment finance company headquartered in Farmington, Conn., and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank. Webster is a Member FDIC and equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster investor relations website at www.websteronline.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can identify these statements by the fact that they use words such as "anticipate," "believe," "estimate," "expect," "intend," "project," "plan," "outlook," and other words and terms of similar meaning. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. Among the factors that could cause actual results and outcomes to differ materially from those contained in such forward-looking statements are the following: our ability to access sufficient working capital, including our new working capital line; our continued compliance with the representations, warranties and covenants under our new working capital line and our existing convertible debenture; our continued history of losses, which includes net losses in three of the last five fiscal years; the timing and size of customer orders for our products; the adoption, timing and performance of new technology and products developed by us; changes and advances in technology that may make our products obsolete or reduce demand for our products; our ability to protect and maintain the confidentiality of our intellectual property; our ability to retain key employees and our reliance on a new management team; changes in governmental rules and regulations, including those regulating the exportation of goods; and general economic and business conditions and the financial crisis, including those adversely effecting the pharmaceutical and biotechnology industries. For a more detailed discussion of risks and uncertainties which could cause actual results to differ from those contained in our forward-looking statements, see Item 1A, "Risk Factors" of our most recently filed Quarterly Report on Form 10-Q for the quarter ended June 30, 2009 and our other periodic reports filed with the SEC. You should not place undue reliance on our forward-looking statements, which speak only as of the date they are made. We are providing this information as of this date, and we do not undertake to update the information included in this press release, whether as a result of new information, future events or otherwise.