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GelTech Solutions Secures $1 Million Line of Credit
Credit Facility in Place to Support Commercialization of Initial Two Products
JUPITER, FL -- (Marketwire) -- 09/29/08 -- GelTech Solutions, Inc. (OTCBB: GLTC) announcestoday that it has entered into a one-year unsecured Revolving Line ofCredit Agreement permitting GelTech to borrow up to $1 million for workingcapital.
The line of credit was obtained to have the funds available to supportexpected revenue growth without any dilution to shareholders. The loancarries a 10% per annum interest rate on the principal amount of theadvances and matures on September 29, 2009.
Michael Cordani, CEO, GelTech Solutions, stated, "We have been aggressivelypursuing a number of significant customers and we want to make sure we areprepared should any of them choose to place a large order."
In order to receive regular updates on GelTech Solutions, please click onthe following link:http://geltechsolutions.ir.stockpr.com/request-information
About GelTech:
GelTech Solutions' creates innovative, Earth-friendly, cost-effectiveproducts that help industry, agriculture, and the general public accomplishenvironmental and safety goals, such as water conservation and theprotection of lives, homes, and property from fires and other dangers.GelTech's dedication to finding global answers to common problems touchesits current products and its development pipeline of new and promisinginnovations.
GelTech markets and sells innovative proprietary products including:
* FireIce®, a patented powder fire suppressant that extinguishesfires, including wildfires; and
* RootGel(TM), a solution to today's drought challenges. RootGel(TM) is amoisture-retentive soil conditioner that decreases the need for water.RootGel(TM) is ideal for golf courses, lawns, tree and sod farms, andnurseries.
Safe Harbor
This press release contains forward-looking statements within the meaningof the Private Securities Litigation Reform Act of 1995 (the "Act")including expected revenue growth and anticipated large orders fromcustomers. Additionally, words such as "seek," "intend," "believe," "plan,""estimate," "expect," "anticipate" and other similar expressions areforward-looking statements within the meaning of the Act. Some or all ofthe events or results anticipated by these forward-looking statements maynot occur. Factors that could cause or contribute to such differencesinclude whether customers perceive that GelTech's products offer benefitsand cost savings not available from competitors' products, continuation ofwildfires in Western states and elsewhere and continuation of droughtconditions. Further information on GelTech's products and risk factors iscontained in its filings with the Securities and Exchange Commission,including the Form 10-KSB for the year ended June 30, 2008 to be filed onSeptember 29, 2008. GelTech does not undertake any duty nor does it intendto update the results of these forward-looking statements.
For more information on GelTech Solutions, Inc. please visithttp://www.geltechsolutions.com.
Investor Relations:Gerald Kieft or Ryan AudinWall Street Resources, Inc.Phone: 772-219-7525GeltechIR@WallStreetResources.nethttp://www.wallstreetresources.net/
Michael Cordani, CEO, GelTech Solutions, stated, "We have been aggressivelypursuing a number of significant customers and we want to make sure we areprepared should any of them choose to place a large order."
In order to receive regular updates on GelTech Solutions, please click onthe following link:http://geltechsolutions.ir.stockpr.com/request-information
About GelTech:
GelTech Solutions' creates innovative, Earth-friendly, cost-effectiveproducts that help industry, agriculture, and the general public accomplishenvironmental and safety goals, such as water conservation and theprotection of lives, homes, and property from fires and other dangers.GelTech's dedication to finding global answers to common problems touchesits current products and its development pipeline of new and promisinginnovations.
GelTech markets and sells innovative proprietary products including:
* FireIce®, a patented powder fire suppressant that extinguishesfires, including wildfires; and
* RootGel(TM), a solution to today's drought challenges. RootGel(TM) is amoisture-retentive soil conditioner that decreases the need for water.RootGel(TM) is ideal for golf courses, lawns, tree and sod farms, andnurseries.
Safe Harbor
This press release contains forward-looking statements within the meaningof the Private Securities Litigation Reform Act of 1995 (the "Act")including expected revenue growth and anticipated large orders fromcustomers. Additionally, words such as "seek," "intend," "believe," "plan,""estimate," "expect," "anticipate" and other similar expressions areforward-looking statements within the meaning of the Act. Some or all ofthe events or results anticipated by these forward-looking statements maynot occur. Factors that could cause or contribute to such differencesinclude whether customers perceive that GelTech's products offer benefitsand cost savings not available from competitors' products, continuation ofwildfires in Western states and elsewhere and continuation of droughtconditions. Further information on GelTech's products and risk factors iscontained in its filings with the Securities and Exchange Commission,including the Form 10-KSB for the year ended June 30, 2008 to be filed onSeptember 29, 2008. GelTech does not undertake any duty nor does it intendto update the results of these forward-looking statements.
For more information on GelTech Solutions, Inc. please visithttp://www.geltechsolutions.com.
Investor Relations:Gerald Kieft or Ryan AudinWall Street Resources, Inc.Phone: 772-219-7525GeltechIR@WallStreetResources.nethttp://www.wallstreetresources.net/
For more information, go to www.marketwire.com
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