Minneapolis, MN
-- July 2, 2001 -- Endocardial Solutions, Inc. (Nasdaq: ECSI)
today announced that Silicon Valley Bank has approved a new
$3.5 million credit facility.
"This facility from Silicon Valley Bank
demonstrates tremendous confidence in our business plan and
provides us with the working capital we need to sustain our
growth strategy," said Jim Bullock, President and Chief
Executive Officer. "The $1.5 million lease financing comes at a
critical time as we invest in additional manufacturing capacity
to meet our increased demand," said Bullock.
"We are impressed with the technological
advancements Endocardial Solutions has made in advanced cardiac
mapping," said Jay McNeil, vice president of Silicon Valley
Bank. "Additionally, we are impressed with their history of
growth and plans for the future."
The U.S. Food and Drug Administration cleared
the EnSite 3000 System for use in diagnostic mapping of complex
arrhythmias in the right atrium of the heart during the second
quarter 1999.
Based in St. Paul, Minnesota, Endocardial
Solutions (www.endocardial.com) develops, manufactures and
markets technology for diagnostic mapping of complex
arrhythmias (abnormally rapid heartbeats caused by irregular
electrical activity in the heart). The EnSite 3000 System
provides a 3D graphical display of the heart's electrical
activity.
The discussion above is based on preliminary
financial results, which are subject to further review and
adjustment, and contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding gross margins, operating
expenses and revenue expectations, that involve a number of
risks and uncertainties. A number of factors should be
considered in conjunction with these forward-looking
statements. These factors are set forth in the cautionary
statements included in Exhibit 99 to Endocardial Solutions'
Form 10-Q for the quarter ended March 31, 2001, filed with the
Securities and Exchange Commission. Endocardial Solutions
cautions investors and others to review the statements set
forth in that report and that other factors may prove to be
important in affecting the business and results of operations
of Endocardial Solutions.
Silicon Valley Bank serves emerging growth and
middle market companies in targeted niches, focusing on
technology and life sciences, while also addressing other
specific industries in which it can provide a higher level of
service and better manage credit through specialization and
focus.
The Bank operates throughout the Silicon Valley: Santa
Clara, Palo Alto and Sand Hill, the center of the venture
capital community in California. Other regional offices within
California include: Irvine, Los Angeles, Napa Valley, San
Diego, San Francisco, Santa Barbara, and Sonoma. Office
locations outside of California include: Phoenix, Arizona;
Boulder, Colorado; West Palm Beach, Florida; Atlanta, Georgia;
Chicago, Illinois; Boston, Massachusetts; Minneapolis,
Minnesota; Durham, North Carolina; Portland, Oregon;
Philadelphia, Pennsylvania; Austin, Texas; Dallas, Texas;
Northern Virginia; and Seattle, Washington.
SVB Contact:
Andrea McGhee, (408) 654-3078, amcghee@svbank.com.
Endocardial Solutions Contact:
Jim Bullock, President and CEO, (651) 523-6928,
jbullock@endocardial.com