Gramercy Extremity Orthopedics (GEO) entered into a new agreement for a $1 million revolving line of credit. The facility will support working capital and ongoing development of RFID technology, medical devices and software solutions. Earlier this year, GEO launched the cloud-based GEO CONNECT app, supported by RFID technology to manage orthopedic cases from a mobile device.
“This facility gives GEO additional flexibility to execute on its strategic initiatives, including our RFID technology development roadmap, software solutions development and continued medical device design efforts,” said Michael Simpson, GEO’s Chief Executive Officer. “This credit facility also provides additional financial assurances to our current and potential new customers and we are very excited to be working with [Aegis Business Credit]. We look forward to a long working relationship with Aegis as the company continues both top and bottom line growth.”