24 Nov Merge eFilm Expands Line of Credit to $15 Million
Strategy supports plans for growth and strategic investments
MILWAUKEE,WI. – Merge eFilm a healthcare software and services company, today announced it has signed a new $15 million unsecured line of credit agreement with Merchants and Manufacturers BanCorp (MMBC), a Milwaukee-based firm.
The firm’s previous $5 million line of credit, from which no monies have been drawn, was set to expire in December 2005. The three-year agreement will support Merge eFilm’s continued growth and strategic investments.
“This agreement strengthens our financial position and provides capital for future strategic growth,” said Rich Linden, President and CEO. “Our expanded line of credit agreement, in conjunction with our $15 million cash balance, provides a $30 million foundation that strengthens our ability to leverage strategic opportunities in the RIS/PACS marketplace and our target market. We are pleased that MMBC continues to support our business model and strategic direction, and has recognized that our financial strength is supportive of a $15 million unsecured line of credit.”
“Having the flexibility of a line of credit is essential to the Company’s growth,” said Scott Veech, CFO. “Having a strong capital foundation will ensure our ability to support our strategic direction.”