Attached files
file | filename |
---|---|
8-K - FORM 8-K - ChromaDex Corp. | cdxc8k_nov42016.htm |
Exhibit 99.1
ChromaDex Establishes $5 Million Credit Facility with Bridge
Bank
IRVINE, Calif., November 8, 2016 – ChromaDex Corp.
(NASDAQ: CDXC), an
innovator of proprietary health, wellness and nutritional
ingredients that creates science-based solutions to dietary
supplement, food and beverage, skin care, sports nutrition, and
pharmaceutical products, announced today that it has established a
$5 million credit facility with Bridge Bank.
The
credit facility will provide ChromaDex non-dilutive working capital
needed for future growth as the company continues to expand its
proprietary ingredient business.
“We
are pleased to have a business-focused bank available to the
Company as the next step in our evolution,” said Tom Varvaro,
ChromaDex CFO. “We look forward to working with Bridge Bank,
which has a strong record of corporate banking and credit
facilities for companies our size.”
About Bridge Bank
Bridge Bank is a division of Western Alliance Bank, Member
FDIC, the go-to bank for business in
its growing markets. Bridge Bank was founded in 2001 in Silicon
Valley to offer a better way to bank for small-market and
middle-market businesses across many industries, as well as
emerging technology companies and the private equity community.
Geared to serving both venture-backed and non-venture-backed
companies, Bridge Bank offers a broad scope of financial solutions
including growth capital, equipment and working capital credit
facilities, sustainable energy project finance, venture debt,
treasury management, asset-based lending, SBA and commercial real
estate loans, ESOP finance and a full line of international
products and services. Based in San Jose, Bridge Bank has eight
offices in major markets across the country along with Western
Alliance Bank’s robust national platform of specialized
financial services. Western Alliance Bank is the primary subsidiary
of Phoenix-based Western Alliance Bancorporation. With $17 billion
in assets, Western Alliance Bancorporation is one of the
fastest-growing bank holding companies in the U.S. and
recognized as #10 on the Forbes 2016 “Best Banks in
America” list. For more
information, visit www.bridgebank.com.
About ChromaDex:
ChromaDex
leverages its complementary business units to discover, acquire,
develop and commercialize patented and proprietary ingredient
technologies that address the dietary supplement, food, beverage,
skin care and pharmaceutical markets. In addition to our ingredient
technologies unit, we also have business units focused on natural
product fine chemicals (known as "phytochemicals"), chemistry and
analytical testing services, and product regulatory and safety
consulting (known as Spherix Consulting). As a result of our
relationships with leading universities and research institutions,
we are able to discover and license early stage, IP-backed
ingredient technologies. We then utilize our in-house chemistry,
regulatory and safety consulting business units to develop
commercially viable ingredients. Our ingredient portfolio is backed
with clinical and scientific research, as well as extensive IP
protection. Our portfolio of patented ingredient technologies
includes
NIAGEN®
nicotinamide riboside; pTeroPure®
pterostilbene; PURENERGY®,
a caffeine-pTeroPure® co-crystal;
IMMULINA™, a spirulina
extract; and AnthOrigin™, anthocyanins
derived from a domestically-produced, water-extracted purple corn
husk. To learn more about ChromaDex, please visit www.ChromaDex.com.
Forward-Looking Statements:
This
release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities and Exchange Act of 1934, as
amended, including statements related future growth and financial
security. Statements that are not a description of historical facts
constitute forward-looking statements and may often, but not
always, be identified by the use of such words as "expects",
"anticipates", "intends", "estimates", "plans", "potential",
"possible", "probable", "believes", "seeks", "may", "will",
"should", "could" or the negative of such terms or other similar
expressions. More detailed information about ChromaDex and the risk
factors that may affect the realization of forward-looking
statements is set forth in ChromaDex's Annual Report on Form 10-K
for the fiscal year ended January 2, 2016, ChromaDex's Quarterly
Reports on Form 10-Q and other filings submitted by ChromaDex to
the SEC, copies of which may be obtained from the SEC's website at
www.sec.gov.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof,
and actual results may differ materially from those suggested by
these forward-looking statements. All forward-looking statements
are qualified in their entirety by this cautionary statement and
ChromaDex undertakes no obligation to revise or update this release
to reflect events or circumstances after the date
hereof.
ChromaDex Public Relations Contact:
Breah
Ostendorf, Director of Marketing
949-537-4103
breaho@chromadex.com
ChromaDex Investor Relations Contact:
Andrew
Johnson, Director of Investor Relations
949-419-0288
andrewj@chromadex.com
END
###