Pre-Lim Financing Commitment and new Chairman, Bioheart (BHRT.OB)
BHRT has appointed a new Chairman and received a preliminary commitment from Seaside National Bank and Trust for a $980K loan that will be used to refinance the Company’s loan with B of A. The loan is subject to completion of definitive documentation and the delivery to Seaside of certificates of deposit of 3rd parties.
- BHRT further advised that $367,244 of the Bank of America loan would be paid down by a member of the Board of Directors. In exchange, the Board Member will receive restricted common shares and warrants.
Dr. William P. Murphy, Jr has been appointed Chairman of the Board of Directors.
- Dr. Murphy replaced Dr. Karl Groth whom resigned as a Director and as Chairman of the Board;
- Dr. Murphy has served as a member of our Board of Directors since June 2003. Dr. Murphy is the founder of Cordis Corporation (now Cordis, Johnson & Johnson) which he led as President, Chairman and CEO at various times during his 28 years at Cordis until his retirement in October 1985. Dr. Murphy founded Small Parts, a supplier of high quality mechanical components for design engineers in 1964 which was acquired by Amazon having served as its Chairman until his retirement in 4/05.
Categories: Financing, New Chairman, Stem Cell Technology
