DrugMax, Inc. has announced that the company has secured a three-year, US$40m credit facility with Congress Financial Corp., a subsidiary of Wachovia Bank, NA. The new credit facility replaces the US$23m asset-based line of credit the Company had with LaSalle Business Credit, Inc.
"We recognise that favourable financing is crucial to fuelling our strategic business plan." Bill LaGamba, president and chief operating officer, said. "The new facility, which includes an increased asset-based revolver and an acquisition line of credit, allows us to take advantage of inventory procurement opportunities and future acquisitions. We are pleased to have the strength of Congress Financial behind DrugMax now."
