ActiveCare, Inc. (ACAR.OB) has secured a $10 million equity line of credit funding from a group of European investors.
Led by Sapina, LTD., the funding is expected to help strategically align ActiveCare as a leader in the senior care market. The company plans to use the funding to complete a significant R&D project and realign the sales force to take advantage of its new direction.
“I am pleased with the support that we have received from the investment community that will enable us to focus our efforts on building ActiveCare into becoming the leader in assisting seniors in staying in their own homes another three to five years,” said David S. Boone, ActiveCare’s newly appointed Chief Executive Officer. “I look forward to continually updating the investment community on our progress and execution which will be made over the coming weeks and months.”
The terms of the funding agreement are in the form of an equity line of credit with $5 million being funded by November 15, 2011 and the remainder to be taken down by the Company at its option once certain business development milestones have been achieved.
Written by John Yedinak