SALEM, NH / ACCESSWIRE / June 14, 2018 / ProPhotonix Limited (OTC PINK: STKR and London Stock Exchange - AIM: PPIX), a high technology designer and manufacturer of LED illumination systems and laser diode modules, with operations in Ireland and the United Kingdom, today announces it has entered into a £700,000 four year term loan facility with SQN Secured Income Fund PLC ("SQN"). The loan carries an interest rate of 10% and is repayable in monthly installments starting in July 2018. The loan is secured by way of a fixed and floating charge over certain assets of the Group.
Ed Dolan, CFO, Commented:
"We are pleased to partner with SQN on this loan facility. The funds will assist us in acquiring additional machinery and equipment to continue the expansion of our UV LED manufacturing operations as well as provide working capital toward the growth of the business."
Tim Losik, President and CEO
Tel: +1 603 893 8778
Cantor Fitzgerald Europe
(Nominated Adviser and Broker)
Tel: +44 (0)207 894 7000
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain
ProPhotonix Limited, headquartered in Salem, New Hampshire, is a high technology designer and manufacturer of diode-based laser modules and LED systems for industry leading OEMs and medical equipment companies. In addition, the Company distributes premium diodes for Ushio, Osram, QSI, Panasonic, and Sony. The Company serves a wide range of markets including the machine vision, industrial inspection, security, and medical markets. ProPhotonix has offices and subsidiaries in the U.S., Ireland, U.K., and Europe. For more information about ProPhotonix and its innovative products, visit the Company's website at www.prophotonix.com.
SOURCE: ProPhotonix Limited