Again, I ask. What DECN credit line are you referring to? The PR stated that DECN "announced" that they "received" a term sheet, and the closing was "expected" in early November.
We are in December now. Can you confirm that DECN closed on this agreement? Did the deal fall thru? What happened?
LOS ANGELES, CA - (ACCESSWIRE - October 29, 2013) - Decision Diagnostics Corp. (DECN) the exclusive worldwide sales, service and regulatory processes agent for the popular Shasta GenStrip™, the unique Green Glucose Test Strip, specifically designed to work with the Johnson & Johnson's (NYSE:JNJ) LifeScan Ultra family of glucose testing meters, today announced that that the Company has received a Term Sheet Agreement for a $12.5 million revolving credit line from Alpha Credit Resources, LLC, a division of Platinum Credit Management LP of New York, NY. The new $12.5 million credit line will be totally equity free (no share dilution) and when matched with the company's current 1.8X sales turns per month (velocity), this credit facility will finance company sales of its GenStrip product line through $250+ million annually. The closing of the credit line and initial take-down is subject to DECN Board approval and the usual and customary documentation required for commercial credit and is expected early in November.
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