PHOENIX, Aug. 27 /PRNewswire/ -- Zila, Inc. (Nasdaq: ZILA), international provider of health-care and biotechnology products and services for dental/medical professionals and consumers, announced it has obtained a $12 million line of credit from Congress Financial Corporation, part of the First Union Corporation, the nation�s sixth largest banking and securities brokerage company. The interest rate on the line of credit is prime-plus-3/4 percent.
Zila President Joseph Hines said a portion of the available funds has been used to pay off the outstanding balance on a previous Bank One line of credit.
�The new credit facility will meet Zila�s working capital needs,� Hines noted.
�We are pleased to put this issue behind us and devote our full attention to building the Company�increasing domestic and international market share for our current products, developing and acquiring new products, and fully exploiting the potential of our cancer-detection and treatment technologies.�
With over 50 years� experience, Congress Financial Corporation closes over $3 billion in new transactions a year.
Zila has six divisions: Zila Consumer Pharmaceuticals, marketer of Zilactin� oral healthcare products; Zila Professional Pharmaceuticals, marketer of Peridex� prescription mouthrinse, OraTest� oral cancer detection products, the Pro-Ties� bundling system for instrument sterilization, and antiseptic Pro-Wash� and Pro-Scrub� products; Zila Dental Supply�, a national dental supplies distributor; Inter-Cal Nutraceuticals, manufacturer and supplier of patented Ester-C� branded products and botanicals such as Palmettx� saw palmetto extract�value-added ingredients for the global nutrition industry; Zila Europe, marketer of OraTest products in the EU; and Zila Technical Operations, manufacturer of pharmaceutical-grade Zila� Tolonium Chloride, as well as dry-handled premoistened swab products at its Innovate Swab Technologies unit, and internal source of product development, technical and compliance expertise.
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based largely on Zila�s expectations or forecasts of future events, can be affected by inaccurate assumptions and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the Company�s control.
Therefore, actual results could differ materially from the forward-looking statements contained herein. A wide variety of factors could cause or contribute to such differences and could adversely impact revenues, profitability, cash flows and capital needs. There can be no assurance that the forward-looking statements contained in this document will, in fact, transpire or prove to be accurate. For a more detailed description of these and other cautionary factors that may affect Zila�s future results, please refer to Zila�s annual report on Form 10-K for its fiscal year ended July 31, 2000, and its quarterly report on Form 10-Q for the quarter ended April 30, 2001, filed with the US Securities and Exchange Commission.
