IRVINE, CA -- (Marketwired) -- 08/13/13 -- BIOLASE, Inc. (NASDAQ: BIOL), the world's leading manufacturer and distributor of dental lasers, and a pioneer in laser surgery in other medical specialties, announced that, as disclosed in the Form 10-Q filed on August 9, 2013, Comerica Bank ("Comerica") agreed to waive BIOLASE's® non-compliance with a condition in the Loan and Security Agreement, dated May 24, 2012, by and between BIOLASE and Comerica, as amended (the "Loan Agreement").
The Loan Agreement required that, as of June 30, 2013, BIOLASE's earnings before interest, taxes, depreciation, and amortization could not be less than ($500,000). Comerica agreed to waive this requirement, provided that BIOLASE and Comerica agree upon a further amendment to the Loan Agreement containing revised financial covenants by September 13, 2013, and further agreed that until such time, the total amount borrowed under the Loan Agreement cannot exceed $7.5 million.
Fred Furry, CFO, said, "Comerica Bank has been a great partner for BIOLASE and we are very pleased with the strong relationship that we have developed with their team over the past 15 months."
About BIOLASE, Inc.
BIOLASE, Inc. is a biomedical company that develops, manufactures, and markets innovative lasers in dentistry and medicine and also markets and distributes high-end 2D and 3D digital imaging equipment and CAD/CAM intraoral scanners; products that are focused on technologies that advance the practice of dentistry and medicine. The Company's proprietary laser products incorporate approximately 340 patented and patent-pending technologies designed to provide biologically clinically superior performance with less pain and faster recovery times. Its innovative products provide cutting-edge technology at competitive prices to deliver the best results for dentists and patients. BIOLASE's principal products are revolutionary dental laser systems that perform a broad range of dental procedures, including cosmetic and complex surgical applications, and a full line of dental imaging equipment. BIOLASE has sold more than 23,000 lasers. Other laser products under development address ophthalmology and other medical and consumer markets.
For updates and information on WaterLase® and laser dentistry, find BIOLASE online at www.biolase.com, Facebook at www.facebook.com/biolaseinc, Twitter at www.twitter.com/biolaseinc, Pinterest at www.pinterest.com/biolase, LinkedIn at www.linkedin.com/company/biolase, Instagram at www.instagram.com/biolaseinc and YouTube at www.youtube.com/biolasevideos.
BIOLASE® and WaterLase® are registered trademarks of BIOLASE, Inc.
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Porter, LeVay & Rose, Inc.
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