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Barclays, ProPhotonix Increase British Pound Sterling-Based Facility

December 04, 2013, 07:19 AM
Filed Under: Manufacturing
Related: Barclays Bank

ProPhotonix Limited, a designer and manufacturer of LED illumination systems, laser diode modules and a laser diode distributor with operations in Ireland and the U.K., announced the entered into an expanded working capital credit facility with Barclays Bank PLC for a two year term, furthering the seven year credit relationship. The facility is increased from £650,000 ($1,065,415 at December 3, 2013) to £1,400,000 ($2,294,740 at December 3, 2013) secured by the accounts receivable of the company. The ultimate credit availability is dependent upon the value of eligible debtors.

Tim Losik, President and CEO, stated, "I am pleased with the revenue growth in 2013 which is driven by improving orders from existing customers and the addition of new customers. Bookings through November 30 were $16.5 million versus $13.1 million for the comparable period of 2012, a 25.5% increase. We continue to nurture our existing client relationships and are active in finding new customers for our existing product ranges. We also remain active in developing new products for demanding LED and laser opportunities. Our opportunity pipeline continues to grow as does our optimism. Looking to the future, we are focused on achieving sustained positive EBITDA during 2014 and subsequently sufficient positive EBITDA to support the total cash requirement of ProPhotonix. Our continuing financial improvement is enhanced by the increased Facility provided by Barclays Bank PLC which extends a seven year credit relationship."

ProPhotonix Limited, headquartered in Salem, New Hampshire, USA, is an independent designer and manufacturer of diode-based laser modules and LED systems for industry leading OEMs and medical equipment companies.

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