MHLX - Aequitas Capital Invests $1.5 Million
Aequitas Capital Management Invests $1.5 Million in microHelix
Business Wire - November 07, 2006 1:09 PM ET
Private equity investment firm Aequitas Capital Management, Inc., announced today that it has invested a total of $1.5 million in microHelix, Inc. (OTCBB:MHLX), a manufacturer of custom cable assemblies for the medical and commercial OEM markets. The investment was structured as a purchase of an existing $900,000 note from a shareholder of microHelix. The note purchase included modified terms that reduce payments of principal and interest over the remaining two-year term of the note. To further accelerate business growth, Aequitas also invested $600,000 to purchase stock directly from microHelix.
"There are a lot of middle market companies like microHelix, that need acceleration capital to achieve growth," said Bob Jesenik, Aequitas CEO. "Being undercapitalized hampered microHelix's ability to employ its technological know-how to the best advantage in the quick turn, custom cable assembly market. So, we structured this deal to give the company the financial power it needs to accomplish its business objectives and thrive within a highly competitive industry."
microHelix will use the infusion of capital to strengthen its infrastructure, meet delivery objectives and continue development of technologies and components that support customer needs in the custom cable assembly and ultrasound manufacturing industries.
"We are exceptionally pleased with the financing support provided to microHelix by Aequitas," said Ty Pettit, microHelix president & CEO. "We have also been impressed with their understanding of our industry and its growth opportunities, structuring a transaction that addresses short term needs and provides a solid financial foundation for future growth."
About Aequitas Capital Management
Established in 1993, Aequitas Capital is an innovative investment firm providing private equity and commercial finance products to the middle market, healthcare and energy sectors. Our value proposition for our clients is in our hands-on approach to advising, structuring and investing. For more information visit www.aequitascapital.com or call (503) 419-3500.
About microHelix, Inc.
Headquartered in Tualatin, Ore., and established in 1991, microHelix, Inc. is a manufacturer of custom cable assemblies for the medical and commercial OEM markets. It completed its initial public offering in 2001 and trades on the OTC Bulletin Board under the symbol "MHLX.OB". Its Moore Electronics division is based in Tualatin and manufactures custom cable assemblies for medical, aerospace and industrial customers. Its MicroCoax Assembly Solutions division is headquartered in Tucson, Ariz., with manufacturing facilities in Nogales, Mexico where it manufactures complex cable assemblies for OEM customers that are used in medical ultrasound probes, patient monitoring devices and flaw detection ultrasound systems. For more information, visit www.microhelix.com.
Statements in this press release other than statements of historical fact are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements reflect management's current views and estimates of future economic and market circumstances, industry conditions, company performance and financial results. Words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates" and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are subject to risks and uncertainties that could cause microHelix's actual future results to differ materially from the results discussed herein. Factors that could cause or contribute to such differences include, but are not limited to, competition from existing or new products, production delays, lack of market acceptance of microHelix's products, general economic conditions and such other risks and factors as are described from time to time in microHelix's Securities and Exchange Commission filings. The forward-looking statements made today speak only as of today and microHelix does not undertake any obligation to update any such statements to reflect events or circumstances occurring after today.
SOURCE: Aequitas Capital Management, Inc.
Aequitas
Debra Flickinger, 503-221-0100
or
microHelix
Ty Pettit, 503-691-7162 |
