CareView Communications (OTCBB: CRVW) has closed on a two-year, $20 million revolving line of credit with Comerica Bank and Bridge Bank, National Association. This credit line will will provide capital for the Company to purchase equipment and perform installations pursuant to expected new contracts with certain healthcare providers. Amounts drawn on the revolving line of credit will initially bear interest at a rate of 7.0% per annum. In connection with the line of credit, the Company has issued warrants to the lenders to purchase an aggregate of 1,428,572 shares of the Company’s common stock that have an exercise price of $1.40 per share.
By way of further introduction, CareView has created a proprietary high-speed data network system that can be deployed throughout a healthcare facility using the existing cable television infrastructure. This network supports CareView’s Room Control Platform and complementary suite of software applications designed to streamline workflow and improve value-added services offered to customers. Real-time bedside monitoring and point-of-care video monitoring and recording improve efficiency while limiting liability, and entertainment packages and education enhance quality of stay.