West Palm Beach, Florida, February 22, 2008 – The ComVest Group, through its Debt Fund, ComVest Capital, has provided $10.2 Million in financing in the form of two term loans and a revolving line of credit to Crdentia Corp. (OTC: CRDT) (“Crdentia”). The proceeds from the transaction will be used to repay existing liabilities and for general working capital purposes. The ComVest Group believes the financing is structured in a manner which enables the Fund to participate in a growing healthcare staffing company.
Crdentia provides healthcare staffing services in the United States and is headquartered in Dallas, TX. It offers travel nursing; per diem staffing; contractual clinical services that include clinical management and staffing for healthcare facilities; and locum tenens, such as physician staffing services. The Company also provides allied services, including diagnostic imaging, respiratory, laboratory, therapies, and administrative modalities; and private duty home health care, which provides nursing case management and staffing for skilled and nonskilled care in the home. The company was founded in 1997. It was formerly known as Digivision International, Ltd. and changed its name to Lifen, Inc. in 2000. The name of the company was changed to Crdentia Corp. in 2003. For more information please visit www.crdentia.com.
The ComVest Group is a leading private investment firm focused on providing debt and equity solutions to middle-market companies with enterprise values of less than $250 million. Since 1988 ComVest has invested more than $2 billion of capital in over 200 public and private companies World wide. Through our extensive financial resources and broad network of industry experts, we are able to offer our companies total financial sponsorship, critical strategic support, and business development assistance. We seek to invest $5-50 million of debt or equity into healthy or distressed companies.
Included in this release are “forward-looking statements.” Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations reflected in such forward-looking statements will prove to have been correct. The Company’s actual results could differ materially from those anticipated in the forward-looking statements. The Company refers you to the cautionary statements and risk factors set forth in the documents it files with the Securities and Exchange Commission, including its most recent 10-KSB. The Company is not under any obligation (and expressly disclaims any obligation) to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.