Richmond, VA – August 6, 2007 - Agility Healthcare Solutions, Inc. announced today that the closing of a $2.0 million credit facility with Square 1 Bank completes its initial $8.25 million financing plan. The Square 1 facility supplements the $6.25 million Series A financing that closed in February 2007. The Series A round was led by Harbert Venture Partners and The Aurora Funds.
"The Series A funding provides the financial resources to execute our growth plans and complete the development of our enterprise resource management and hospital workflow solution," said Francis X. Dirksmeier, Chief Executive Officer. "The Square 1 facility provides additional flexibility to deploy our comprehensive solution in a subscription or service-based model with no up-front cost for our customers. Our customers are able to leverage our turnkey solution and dedicated support team to generate an immediate and greatly enhanced return on investment while operating within their financial requirements."
About Agility Healthcare Solutions
Agility is the first company to deliver automated workflow
and resource management solutions to the healthcare industry. Agility's
AgileTrac™ Enterprise solution suite utilizes Real-Time Location (RFID)
technology to transform the way hospitals track, manage, measure, and improve
patient throughput while optimizing resource utilization and staff
productivity. Agility's revolutionary business model delivers technology as
part of a comprehensive service offering with no up-front capital required.
Agility charges a simple, monthly service fee that includes Real-Time Location
System hardware and software, professional implementation services,
maintenance, business process optimization, training and ongoing operational
resources support. For more information, please visit www.agilityhealthcare.com.
About Square 1 Bank
Square 1 Bank is a full service commercial bank providing financial services to venture capital firms and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide solid support for its clients' needs. The bank offers tailored products and solutions aided by the latest technological innovations. To serve its relationships, Square 1 has offices coast to coast in Austin, Boston, New York metro, McLean, San Diego, Seattle, and the Silicon Valley. The bank is headquartered in Durham, North Carolina. For more information, please visit: www.square1bank.com.
About Harbert Management Corporation
Harbert Venture Partners, with offices in Richmond, VA and Birmingham, AL, provides growth capital to early stage technology and healthcare companies in the
Mid-Atlantic and Southeastern U.S. Harbert's team combines substantial
investment, advisory and operating experience with capital to assist
entrepreneurs in successfully executing their growth plans. Harbert Venture
Partners is an affiliate of Harbert® Management Corporation, a
privately owned investment manager focusing on alternative asset classes. Harbert®
Management Corporation manages over $11.7 billion (as of July 1, 2007) of
assets and committed capital in 11 alternative asset classes in three areas of
concentration: real estate, private capital and absolute return strategies. For
more information, please visit: www.harbert.net.
About The Aurora Funds
The Aurora Funds is a venture capital firm that provides capital,
connections and strategic guidance to early-stage and early-growth-stage
healthcare and technology companies. Founded in 1994, Aurora manages over
$234 million in five venture funds. The firm's six investment
professionals have over 100 years of combined venture capital investing and
operational experience. For more information, please visit: www.aurorafunds.com.
For more information, contact:
Dan Neuwirth, Chief Operating Officer
Voice: 804-523-4003
Email: dneuwirth@agilityhealthcare.com
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