RALEIGH, N.C. and CHICAGO, June 15, 2011 (GLOBE NEWSWIRE) -- InoLife Technologies, Inc. (OTCBB:INOL), a service based healthcare products development, integration and marketing company, has announced that Bibby Financial Services, a market leader in accounts receivable financing, has provided the company with the ability to introduce Bibby as a source for factoring for its resellers.
Under the terms of the agreement, Bibby will review the viability of extending credit to InoLife customers that resell the company's DNA-based products. InoLife's products provide individuals with meaningful information about genetic makeup and predisposition to certain diseases and ancestry.
"Through our relationship with Bibby, we are reaching out to the medical community's resellers who want to purchase our products," said Gary Berthold, CEO of InoLife. "With Bibby's Agreement, customers can have the working capital needed without having to borrow or tie up their business and/or personal assets."
"Factoring plays a vital role for any company that wants to grow quickly," said Sean Lelchuk, Vice President of Bibby Financial Services. "It's a great source of capital and provides the liquidity a small- to mid-sized reseller needs. Because InoLife is rapidly expanding its business, the company needs a flexible firm to finance its resellers' orders," said Lelchuk.
Under the terms of the Agreement, Bibby will provide resellers a credit facility up to $5,000,000, subject to credit review by the firm.
About InoLife Technologies, Inc.
InoLife Technologies, Inc. is a leader in the development and marketing of state-of-the-art DNA Testing products within the US. The Company's mission is to aggressively identify, develop and deliver innovative and affordable healthcare products and services directly to the marketplace. By targeting cutting-edge DNA-based testing and reporting methodologies, the Company is able to significantly benefit the health and wellness needs of both individuals and their healthcare providers.
InoLife Technologies, Inc. has developed a range of products that will be sold directly to consumers through e-commerce, direct sales, pharmacies, retailers, distributors and healthcare providers. It also offers products that are sold only to physicians, hospitals, outpatient facilities and others in the medical community for use with their patients.
About Bibby Financial Services
Bibby Financial Services is a worldwide market leader in business cash flow solutions to small and medium-sized companies. With offices in eight North American cities and 13 countries around the world, its product portfolio includes accounts receivables finance, factoring, export finance, purchase order finance, specialist solutions for the staffing and trucking sectors, and it is an approved lender for the Export-Import Bank's working capital guaranty delegated authority program. Bibby Financial Services is a subsidiary of a Bibby Line Group, which was established in 1807 and is a privately held company based in the United Kingdom.
Forward-Looking Statements
Safe Harbor Statement under the Private securities Litigation Reform Act of 1995: The statements contained herein, which are not historical, are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements including, but not limited to, certain delays beyond the Company's control with respect to market acceptance of new technologies, products and services, delays in testing and evaluation of products and services, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
CONTACT: INVESTOR RELATIONS: BUZZBAHN, LLC Steve Reiss 516-570-3850 inol@buzzbahnllc.com