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STUART, Fla., Feb. 14, 2011 (GLOBE NEWSWIRE) -- Liberator Medical Holdings, Inc. (OTCBB:LBMH) announced today that it secured a $6.5 million to $8.5 million line of credit from PNC Financial Services Group (PNC). The interest rate is LIBOR plus 2.75% and the borrowing amount is based on the Company's inventory and accounts receivable.
Mr. Libratore, CEO, stated: "We are very pleased to have secured a significant line of credit under favorable terms given the current market conditions. The credit markets are very tight and the Company's ability to secure this credit facility from a leading financial institution demonstrates our strength. Most importantly, with this line of credit added to our strong cash position, we are able to increase our marketing efforts and accelerate our growth."
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About Liberator Medical Holdings, Inc.
Liberator Medical Holdings, Inc.'s subsidiary, Liberator Medical Supply, Inc., established the Liberator brand as a leading national direct-to-consumer provider of quality medical supplies to Medicare-eligible seniors. An Exemplary Provider(TM) accredited by The Compliance Team, its unique combination of marketing, industry expertise and customer service has demonstrated success over a broad spectrum of chronic conditions. Liberator is recognized for offering a simple, reliable way to purchase medical supplies needed on a regular, ongoing, repeat-order basis, with the convenience of direct billing to Medicare and private insurance. Liberator's revenue primarily comes from supplying products to meet the rapidly growing requirements of general medical supplies, personal mobility aids, diabetes, urological, ostomy and mastectomy patients. Liberator communicates with patients and their doctors on a regular basis regarding prescriptions and supplies. Customers may purchase by phone, mail or internet, with repeat orders confirmed with the customer and shipped when needed.