TUCSON, AZ — (Marketwired) — 10/20/14 — (OTCQB: CDEX), a pioneering developer, manufacturer and distributor of patented, real-time chemical detection and validation technologies for the healthcare and security markets, today announced that it has secured an aggregate $430,000 line of credit from the Company–s CEO, Jeffrey Brumfield, and one of CDEX–s largest shareholders. Funds drawn against the line will be used for general working capital purposes and to support the manufacturing and marketing of the ValiMed G4 system, the Company–s next generation medication validation system designed and engineered specifically to address and mitigate drug diversion in the healthcare industry — a market estimated by the National Drug Intelligence Center to cost public and private medical insurers $72.5 billion each year.
Brumfield stated, “This line of credit being provided by one of CDEX–s longstanding shareholders and myself represents our respective vote of confidence in CDEX–s future and promising growth potential. With these funds, the Company can immediately commence production of our new ValiMed G4 system and be in position to begin meeting rising demand for the system from a growing list of major U.S. hospitals and healthcare systems who have indicated intent to deploy it in their medical facilities once we are able to make delivery.”
For further details relating to the new Line of Credit, please refer to the Form 8-K filed with the U.S. Securities & Exchange Commission on Friday, October 17, 2014.
Headquartered in Tucson, Arizona, CDEX is engaged in pioneering technological advancements in the field of chemical and medication detection and validation for the healthcare and security markets. The Company–s proprietary solutions are based on its patented Enhanced Photoemission Spectroscopy technology for substance verification, authentication and identification; and include the ValiMed Medication Validation System product line marketed to healthcare markets worldwide for use in combatting diversion of controlled substances and narcotics, as well as compounded liquid pharmaceuticals to help ensure patient safety, and the ID2 product line marketed to the global security market for use in detecting illegal or illicit drugs in difficult-to-monitor, critical environments. For more information, please visit .
This news release may contain forward-looking statements. Forward-looking statements are indicated by words such as “expects,” “intends,” “anticipates,” “believes,” “forecasts,” “plans” and similar expressions. These forward looking statements are based on our current expectations and actual results could differ materially. Our ability to achieve the results anticipated in such forward-looking statements is subject to risks and uncertainties, including, without limitation, our ability to successfully centralize and consolidate various support functions, operating results, market acceptance of our solutions, strong brand recognition and other risks detailed from time to time in our reports filed with the Securities and Exchange Commission. These forward-looking statements are made in accordance with “safe harbor” provided by the Private Securities Litigation Reform Act of 1995 and no assurance can be given that the future results that are the subject of such forward-looking statements will be achieved. The Company undertakes no obligation to publicly update or revise the forward-looking statements, whether as a result of new information, future events, or otherwise.
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