JUPITER, Fla., April 28, 2010 (GLOBE NEWSWIRE) -- GelTech Solutions, Inc. (OTCBB:GLTC) today announced that it reached an agreement with its lender to extend the $2,500,000 line of credit for 12 months. The lender's attorneys are preparing the definitive agreement and related documents and the Company expects to close the new credit facility within the next week.
The terms are similar to those terms in the current facility. Mr. Michael Cordani, CEO, GelTech Solutions, stated, "I am delighted to report that we are renewing our line of credit for 12 months. The lender understands the great progress we have made with our products and expects, as we do, that the sales we anticipate in the coming months and year will enable us to repay the loan."
About GelTech Solutions:
GelTech Solutions creates innovative, Earth-friendly, cost-effective products that help industry, agriculture, and the general public accomplish environmental and safety goals, such as water conservation and the protection of lives, homes, and property from fires.
FireIce® is a patent pending fire suppressant used for direct attack of fires as well as a medium term retardant for structure protection. FireIce can be used in all types of apparatus; fire extinguishers, pumper trucks, aerial units for wildfires and home defense units for personal home protection.
For more information on FireIce, please visit: www.fireice.com
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including continued progress with U.S. Forest Service Listing and our belief that FireIce® is going to be a valuable tool in putting out wildfires. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods.
Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include global and domestic economic conditions, budgetary pressures facing state and local governments, failure to be listed by the U.S. Forest Service and our failure to receive or the potential delay of anticipated orders for our products.
Further information on the company's risk factors is contained in its filings with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended June 30, 2009. Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.