IRVINE, Calif. – February 11, 2004 – Cardiac Science, Inc. (Nasdaq: DFIB), a leading manufacturer of life-saving automated public access defibrillators, announced today that it has secured a $5 million line of credit from Silicon Valley Bank.
“The credit line is a 24 month facility and will be used to provide additional working capital, as needed, to fund the company's growth,” said Roderick de Greef, Cardiac Science’s Executive Vice President and CFO. “We are pleased that we are expanding our long standing relationship with Silicon Valley Bank, a respected and established provider of banking services.”
“We take pride in our continued relationships with leading life science companies like Cardiac Science,” said Rick Shuttleworth, Senior Vice President, Silicon Valley Bank. “Silicon Valley Bank strives to provide Cardiac Science, and other emerging and established technology and life science companies, with creative solutions and diversified financial services that will help them successfully execute their business objectives.”
About Silicon Valley Bank
Silicon Valley Bank provides diversified financial services to emerging growth and mature companies in the technology, life sciences and private equity markets, as well as the premium wine industry. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves more than 9,500 clients across the country through 27 regional offices. More information on the company can be found at www.svb.com.
About Cardiac ScienceCardiac Science develops, manufactures and markets Powerheart®-brand public-access defibrillators (AEDs) and offers comprehensive AED/CPR training and AED program management services that facilitate successful deployments. The Company also makes the Powerheart® CRM™, the only FDA-cleared therapeutic patient monitor that instantly and automatically treats hospitalized cardiac patients who suffer life-threatening heart rhythms. Cardiac Science manufactures its AED products on a private label basis for other leading medical companies. The Company's AEDs and CRM products are marketed in the United States by its 55-person direct sales force, numerous domestic distribution channel partners and by international distributors in more than 50 countries around the world. For more information, please visit www.cardiacscience.com.
Contacts:
Matt Clawson (Investors)
Allen & Caron Inc
(949) 474-4300
matt@allencaron.com
Roderick de Greef
EVP and CFO
Cardiac Science, Inc.
(949) 797-3800
rdegreef@cardiacscience.com