StockerYale Completes Debt Refinancing

StockerYale refinances its debt, raises $1.2M with a private equity placement, and announces Dietmar Klenner as a board member

June 23, 2003

2 Min Read

SALEM, N.H. -- StockerYale, Inc. (NASDAQ: STKR - News), an independent supplier of photonics-based products, today announced the successful refinancing of its Canadian subsidiary's credit facility with the National Bank of Canada. The new facility replaces an expired facility with Toronto-Dominion Bank and consists of a C$2.5 million revolving credit facility secured by receivables and inventory and a C$2.3 million term loan secured by equipment and the Company's Montreal research and development center.

"We are very pleased that this new facility, which brings all the Company's debt into compliance, will provide additional working capital for our rapidly growing Canadian- based structured light laser business," said Frank O'Brien, StockerYale's chief financial officer.

Independent of the bank financing, the Company also completed a $1.2 million private equity placement with several of the Company's institutional shareholders. Proceeds will be used for general working capital purposes. In a separate release:

The Company is pleased to announce that Mr. Dietmar Klenner has joined StockerYale as an independent director. Based in Vienna, Austria, Mr. Klenner was with American Express International Banking Corporation and Merrill Lynch from 1979 to 1989 before founding the financial asset services firm, KS Securities Asset Management. In 2001, Mr. Klenner merged KS Securities into the Austrian Investment Management Company to create Austria's largest private asset firm.

Active on numerous boards, Mr. Klenner recently co-founded Meridian Global Advisors, which focuses on counseling small to mid-size companies on increasing shareholder value, direct investments, real-estate holdings, and achieving market leadership.

"I am very pleased that Dietmar Klenner has agreed to join our board. Dietmar brings considerable public company experience, as well as a clear understanding of StockerYale's transformation having been instrumental in raising equity capital for the Company in 2000," said Mark W. Blodgett, StockerYale's chairman and chief executive officer. "In addition, with over 40% of our business from international markets with Europe's contribution continuing to grow, we look forward to Dietmar's participation and contributions as we plot our way towards profitability," added Blodgett.

StockerYale Inc.

Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes it's completely free.

You May Also Like