New Funding Arrangements Leverage Compumedics into Key Export Markets
Melbourne, Dec 22, 2014 AEST (ABN Newswire) - Compumedics Limited (
ASX:CMP) is pleased to announce it has executed a new export working capital guarantee facility with EFIC in conjunction with the ANZ Bank. This new facility will provide funding of up to USD$l.OM to enable the Company to continue to grow and develop its key export markets. The facility is complementary to Compumedics existing working capital facilities.
As such the new funding will underpin the future growth of the Company in key export markets by providing working capital to enable production to remain in front of demand.
As the Company has indicated, via its announcements to the Australian Securities Exchange (ASX) over the course of 2014, it remains focused on not only growing its core sleep diagnostic and neurological monitoring businesses but continues to pursue growth opportunities in eHealth, particularly as it relates to the sleep monitoring and diagnosis market.
This facility, together with the declining Australian Dollar to the USD dollar provides an excellent opportunity for the Company to continue to grow its exports, provide a diversified range of employment opportunities locally and continue to pursue the eHealth growth initiatives.
In commenting on this important financing milestone, Executive Chairman & CEO, Dr David Burton said, "Compumedics has worked diligently over recent time to restore profitability and establish the necessary working capital arrangements to ensure the Company can harness the commercial opportunities in front of it.
This new EFIC facility will, in conjunction with the Company's existing funding arrangements, enable the Company to continue to deliver strong export revenues and business to Australia, as it has done so for more than two decades."
"Importantly the Company will be in a position to pursue existing and future growth opportunities in key offshore markets, including eHealth and growth in our traditional US, Asian and European markets, with the resultant opportunities this creates locally for employment and support services and activities. The Company will continue to up-date the market on these initiatives as relevant commercial milestones are met."
About Compumedics Limited
Compumedics Limited (ASX:CMP) is a medical device company involved in the development, manufacture and commercialisation of diagnostics technology for the sleep, brain and ultrasonic blood-flow monitoring applications. The Company owns US based Neuroscan and Germany based DWL Elektronishe GmbH. In conjunction with these two subsidiaries, Compumedics has a broad international reach, including Americas; Australia and Asia Pacific; and Europe and the Middle East.
Executive Chairman, Dr David Burton, founded Compumedics in 1987. In the same year the Company successfully designed and installed the first Australian, fully computerised Sleep Clinic at Epworth Hospital in Melbourne. Following this early success, Compumedics focused on the development of products that sold into the growing international sleep clinic and home monitoring markets. Compumedics listed on the Australian Securities Exchange in 2000. Over the years, Compumedics has received numerous awards and accolades including Australia's exporter of the year and has been recognised as a Top 100 Innovator by both German and Australian Governments.
Follow Compumedics on Twitter at @Compumedics
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