Hercules Technology Growth Capital Provides an Additional $3.0 Million of Capital to InfoLogix, Inc. to Launch New Products Roll-Out and Fund New Growth
Follow-On Investment Supports Launch of Revolutionary New InfoLogix ST7 Healthcare Mobility Solutions Suite
PALO ALTO, Calif.--(BUSINESS WIRE)-- Hercules Technology Growth Capital, Inc. (NASDAQ:HTGC), the leading specialty finance company providing venture debt and equity to venture capital and private equity-backed technology and life science companies at all stages of development, today announced that it has increased its commitment to grow the operations of InfoLogix, Inc. (NASDAQ:IFLG), a leading technology provider of enterprise mobility solutions for the healthcare and commercial industries. Hercules invested an additional $3.0 million of capital to fund the launch of two new strategic product offerings with high growth potential.
"Hercules' support of InfoLogix through the restructuring of its credit facility and now in supporting their market leadership in healthcare technology is a testament to our desire to work with the InfoLogix team. By placing the strength of the Hercules balance sheet behind our portfolio company, we are able to provide the necessary working capital to fuel the launch of an exciting new product line that we believe will significantly enhance the growth of this business," said Manuel A. Henriquez, co-founder, chairman and chief executive officer of Hercules. "We believe the company is well positioned in an attractive market and has a clearly defined strategy to return to profitability and growth. Hercules is actively engaged in the streamlining of InfoLogix's operations, and we believe that this investment will provide Hercules with long-term capital appreciation as InfoLogix expands their proprietary intellectual property and grows their already sizable presence within existing and new accounts across the healthcare industry."
On March 1st, InfoLogix launched their revolutionary new ST7 Mobile Workstation product line. As part of the company's integrated Healthcare Mobility Solutions Suite, the InfoLogix ST7 Mobile Workstations are designed as part of an end-to-end strategy for hospitals to attain electronic medical record implementation and mobilization. The company simultaneously introduced a new Lithium Iron Phosphate power system, the InfoLogix ST7 LiFe Battery, which significantly increases the performance of mobile computer workstations, including the ST7. Developed with in-depth customer research and clinician feedback, InfoLogix believes that the combination of these two innovations will meet the needs of clinicians across diverse healthcare facilities, eliminate gaps in care delivery, and improve efficiency at point-of-care.
"InfoLogix has the opportunity to enhance its product portfolio in the healthcare mobility business with new, proprietary technology that is highly differentiated from the competition, and we are pleased that our partner, Hercules, stepped in to provide additional financial support which enables us to accelerate our strategy," said David Gulian, president and chief executive officer of InfoLogix. "As the healthcare industry increasingly focuses on cost control, an important way to achieve this goal is through the implementation of electronic medical records, and InfoLogix is well positioned to capitalize on this opportunity. Today we are in 1,500 hospitals with our technology solutions, EMR implementation strategy, and healthcare consulting services. With strong financial backing, a 10-year track record of success, and the ability to deliver complete solutions, we look forward to serving the diverse and growing needs of our customer base, while simultaneously increasing our margins."
About Hercules Technology Growth Capital, Inc.:
Hercules Technology Growth Capital, Inc. is a NASDAQ traded specialty finance company providing debt and equity growth capital to technology and life science companies at all stages of development. Founded in December 2003, the company primarily finances privately held companies backed by leading venture capital and private equity firms. Hercules invests in a broad range of ventures active in technology and life science industries and offers a full suite of growth capital products at all levels of the capital structure. The company is headquartered in Palo Alto, Calif. and has additional offices in the Boston, Boulder and Chicago areas. Providing capital to publicly-traded or privately-held companies backed by leading venture capital and private equity firms involves a high degree of credit risk and may result in potential losses of capital. For more information, please visit www.htgc.com.
Companies interested in learning more about financing opportunities should contact info@htgc.com, or call 650.289.3060.
About InfoLogix, Inc.
InfoLogix is a leading provider of enterprise mobility solutions for the healthcare and commercial industries. InfoLogix uses the industry's most advanced technologies to increase the efficiency, accuracy, and transparency of complex business and clinical processes. With 19 issued patents, InfoLogix provides mobile managed solutions, on-demand software applications, mobile infrastructure products, and strategic consulting services to over 2,000 clients in North America including Kraft Foods, Merck and Company, General Electric, Kaiser Permanente, MultiCare Health System and Stanford School of Medicine. InfoLogix is a publicly-traded company (NASDAQ: IFLG). For more information visit www.infologix.com.
Forward-Looking Statements:
The statements contained in this release that are not purely historical are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to uncertainties and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements including, without limitation, the risks, uncertainties, including the uncertainties surrounding the current market turbulence, and other factors we identify from time to time in our filings with the Securities and Exchange Commission. Although we believe that the assumptions on which these forward-looking statements are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking statements based on those assumptions also could be incorrect. You should not place undue reliance on these forward-looking statements. The forward-looking statements contained in this release are made as of the date hereof, and Hercules assumes no obligation to update the forward-looking statements for subsequent events.
Source: Hercules Technology Growth Capital, Inc.
Released March 9, 2010