Sharps Compliance Announces New Credit Facility
April 03 2017 - 08:30AM
Sharps Compliance Corp. (NASDAQ:SMED) (“Sharps” or the “Company”),
a leading full-service national provider of comprehensive waste
management solutions including medical, pharmaceutical and
hazardous, announced that it has entered into a new $14.0 million
credit facility with a commercial bank. The new facility will be
available for, (i) working capital and other general corporate
purposes (up to $6 million) and (ii) funding for acquisitions (up
to $8 million). The agreement replaces the Company’s existing
credit facility.
David P. Tusa, President and Chief Executive Officer of Sharps,
commented, “This new credit facility enhances our current strong
liquidity position and provides greater financial flexibility to
support our growth plans. In addition to supporting continued
organic growth, the new credit facility provides additional
resources to support potential acquisitions that could expand our
market reach or enhance our product offering.”
Details of the new credit agreement are outlined in the
Company’s Current Report on Form 8-K, which will be filed with the
Securities and Exchange Commission.
About Sharps Compliance Corp.
Headquartered in Houston, Texas, Sharps Compliance is a leading
full-service national provider of comprehensive waste management
services including medical, pharmaceutical and hazardous. Its key
markets include healthcare facilities, pharmaceutical
manufacturers, home healthcare providers, assisted living /
long-term care, surgery centers, retail pharmacies and clinics, and
the professional market which is comprised of physicians, dentists
and veterinary practices. The Company's flagship product, the
Sharps Recovery System, is a comprehensive solution for the
containment, transportation, treatment and tracking of medical
waste and other used healthcare materials. The Company also offers
its route-based pick-up service in an eleven (11) state region of
the Northeast portion of the United States as well as Texas and
Louisiana.
More information on the Company and its products can be found on
its website at: www.sharpsinc.com
Safe harbor statement
The information made available in this news release contains
certain forward-looking statements which reflect Sharps Compliance
Corp.’s current view of future events and financial
performance. Wherever used, the words “estimate,” “expect,”
“plan,” “anticipate,” “believe,” “may” and similar expressions
identify forward-looking statements. Any such forward-looking
statements are subject to risks and uncertainties and the Company’s
future results of operations could differ materially from
historical results or current expectations. Some of these
risks include, without limitation, the Company’s ability to educate
its customers, development of public awareness programs to educate
the identified consumer, customer preferences, the Company’s
ability to scale the business and manage its growth, the degree of
success the Company has at gaining more large customer contracts,
managing regulatory compliance and/or other factors that may be
described in the Company’s annual report on Form 10-K, quarterly
reports on Form 10-Q and/or other filings with the Securities and
Exchange Commission. Future economic and industry trends that
could potentially impact revenue and profitability are difficult to
predict. The Company assumes no obligation to publicly update
or revise its forward-looking statements even if experience or
future changes make it clear that any projected results, express or
implied therein, will not be realized.
For more information contact:
Diana P. Diaz
Sharps Compliance Corp.
Vice President and Chief Financial Officer
Phone: (713) 660-3547
Email: ddiaz@sharpsinc.com
John Nesbett/Jennifer Belodeau
Institutional Marketing Services (IMS)
Phone: (203) 972-9200
Email: jnesbett@institutionalms.com
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