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Quipt Home Medical Corp T.QIPT

Alternate Symbol(s):  QIPT

Quipt Home Medical Corp. is a home medical equipment provider. The Company specializes in improving the home management of chronic illness through the application of telehealth systems and automated distribution. It provides in-home monitoring and disease management services, including end-to-end respiratory solutions for patients in the United States. It offers nebulizers, oxygen concentrators, continuous positive airway pressure (CPAP) and Bilevel Positive Airway Pressure (BiPAP) units; traditional and non-traditional medical respiratory equipment and services, and non-invasive ventilation equipment, supplies, and services. The Company's product offerings include the management of several chronic disease states focusing on patients with heart or pulmonary disease, sleep disorders, reduced mobility, and other chronic health conditions. Its products and services consist of sleep apnea and pap treatment, home ventilation, daily and ambulatory aides, and respiratory equipment rental.


TSX:QIPT - Post by User

Post by HatrikSeLaineon Sep 21, 2020 8:08am
194 Views
Post# 31590032

New $20 Million USD credit facility

New $20 Million USD credit facilityIt appears more acquisitions/growth is on the horizon.  Great news!

Acquisition Strategy

Source: Protech Home Medical Corp.
 
 

CINCINNATI, Sept. 21, 2020 (GLOBE NEWSWIRE) -- Protech Home Medical Corp. (“Protech” or the “Company”) (TSXV: PTQ), (OTCQX: PTQQF), a U.S. based leader in the home medical equipment industry, focused on end-to-end respiratory care, is very pleased to announce that it has entered into a US$20 million senior credit facility with CIT (NYSE:CIT).

Financing Details

Protech has entered into an Asset-Based Revolving Credit Facility with CIT’S Healthcare Finance business, part of its Commercial Finance division, pursuant to which the lender has agreed to advance up to $20 million at a tiered rate, this agreement has a four year maturity and may be extended pursuant to both parties agreement.

Commentary

“This senior credit facility with CIT is truly a momentous moment for Protech and I could not be prouder of the entire team for their continued hard work that led us to this very significant moment. With this new credit facility in place, we have added another tool in our toolbox that will further enable us to take the Company through its next stage of growth with our key objectives in mind,” said Greg Crawford, Chairman and CEO of Protech. “The Credit Facility provides the Company with greatly enhanced financial flexibility and further strengthens our financial position to ensure our ability to continue to execute on our growth strategy and enhance long term shareholder value. We are extremely excited to have entered into this agreement with CIT’s Healthcare Finance business, as it further validates our model, and provides for a continued expansion of our merger and acquisition strategy. We are confident that this additional bolstering of our balance sheet will help Protech extend its presence into existing and new markets. We look forward to growing with CIT as we aim to increase our credit facility over time.”


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