InoLife Technologies, Inc. Signs Referral Agreement With Bibby Financial Services
Press Release Source: InoLife Technologies, Inc. On Wednesday June 15, 2011, 7:27 am EDT
RALEIGH, N.C. and CHICAGO, June 15, 2011 (GLOBE NEWSWIRE) -- InoLife Technologies, Inc. (OTCBB:INOL - News), a service based healthcare products development, integration and marketing company, has announced that Bibby Financial Services, a market leader in accounts receivable financing, has provided the company with the ability to introduce Bibby as a source for factoring for its resellers.
Under the terms of the agreement, Bibby will review the viability of extending credit to InoLife customers that resell the company's DNA-based products. InoLife's products provide individuals with meaningful information about genetic makeup and predisposition to certain diseases and ancestry.
"Through our relationship with Bibby, we are reaching out to the medical community's resellers who want to purchase our products," said Gary Berthold, CEO of InoLife. "With Bibby's Agreement, customers can have the working capital needed without having to borrow or tie up their business and/or personal assets."
"Factoring plays a vital role for any company that wants to grow quickly," said Sean Lelchuk, Vice President of Bibby Financial Services. "It's a great source of capital and provides the liquidity a small- to mid-sized reseller needs. Because InoLife is rapidly expanding its business, the company needs a flexible firm to finance its resellers' orders," said Lelchuk.
Under the terms of the Agreement, Bibby will provide resellers a credit facility up to $5,000,000, subject to credit review by the firm.
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