San Jose, CA – March 26, 2014 - Bridge Capital Holdings (NASDAQ:BBNK), whose subsidiary is Bridge Bank, a full-service professional business bank headquartered in Silicon Valley and with offices located nationwide, announced today it has provided financing to North Coast Medical, Inc. for the acquisition of ActivaTek, Inc., and to support its working capital needs and growth into new arenas.
North Coast Medical, Inc. is headquartered in Gilroy, CA and is a leading manufacturer and global supplier of physical rehabilitation medical products. With the support of Bridge Bank financing they announced the acquisition of Salt Lake City, UT based ActivaTek, Inc., a privately held manufacturer of transdermal iontophoretic devices, used for delivering small doses of anti-inflammatory drugs through the skin with use of low voltage current.
“Building a partnership with Bridge Bank facilitates both our growth through acquisition and international expansion strategy. After conducting our due diligence and comparing potential banking partners, we found Bridge Bank the most in-line with our ambitious growth plans,” said Mark E. Biehl, CEO of North Coast Medical, Inc. “As we enter our 40th year, the acquisition of ActivaTek continues our history of performance and innovation, providing us the opportunity to distribute the best-in-class technology to more customers around the world,” added COO, Jeff Applegate.
“The combination of credit facilities which includes a line of credit for working capital needs and acquisition funds provides the companies greater financial flexibility for existing business needs, as well as support for their continued growth in new markets,” states Cathy Galusha, vice president and relationship manager, Corporate Banking Division at Bridge Bank. "Bridge Bank is proud to be part of this growth process and we look forward to sharing in the firm’s continued success.”
About North Coast Medical
For forty years, North Coast Medical, Inc., has manufactured, supplied and distributed a broad range of industry-leading product lines across a continuum of rehabilitation medical care. A leader in Occupational, Physical and Hand Therapy medical markets, North Coast services the needs of in-patient/out-patient hospitals, skilled nursing facilities, clinics, private practice, pharmacies, resellers and consumers. Headquartered in Gilroy, CA, North Coast continually develops and tests new products in the areas of pain management, post-surgery recovery, sports medicine, evaluation and assistive devices. Leading products include Comfort Cool® and Progress™ orthotics lines; Touch Test® sensory evaluators & two-point discriminators; as well as the Norco™ and Achieva™ line of in-clinic and at-home wellness and recovery products. https://www.ncmedical.com
About ActivaTek, Inc.
Since its inception in 2006, ActivaTek has continually brought innovation and advanced technologies to the Iontophoresis market. The ActivaPatch® is one such example. A wireless, self-contained, fully powered disposable patch, which functions as a complete delivery system for Iontophoresis. The ActivaPatch® has an onboard intelligent microprocessor that detects skin resistance before allowing the treatment begins. It also memorizes treatment time if interrupted, and provides visual feedback for clinician and patient while in use with a LED light. ActivaTek also manufactures the ActivaDose II, the most widely used, accurate and precise dose controller in the market today. The ActivaDose II houses a 9 volt battery, features precise dosing, visual and audible displays, and dual channels, allowing multiple in-clinic treatments with traditional, disposable wired Iontophoresis electrodes, ActivaTek’s combination of wired & wireless Iontophoresis technology offers physicians , patients and their Physical Therapists with unparalleled control of Iontophoresis drug delivery. http://www.activatekinc.com
About Bridge Capital Holdings
Bridge Capital Holdings is the holding company for Bridge Bank, National Association. Bridge Capital Holdings was formed on October 1, 2004 and holds a Global Select listing on the NASDAQ stock market under the trading symbol BBNK. Bridge Bank Holding Company was recently admitted to Sandler O’Neill’s Class of 2012 “Sm-All Stars” – a select group of 25 top-performing publicly traded banks and thrifts from throughout the U.S. with market capitalization of up to $2 billion. For additional information, visit the Bridge Capital Holdings website at www.bridgecapitalholdings.com.
About Bridge Bank, National Association
Recognized by The Findley Reports as a Super Premium Performing Bank, and designated “Superior” by BauerFinancial and IDC, Bridge Bank is a full-service professional business bank founded in the highly competitive climate of Silicon Valley in 2001. From the very beginning, our goal has been to offer small-market and middle-market businesses from across many industries a better way to bank. We provide a surprisingly broad range of financial solutions, enabling us to meet our clients’ varied needs across all stages — from inception to IPO and beyond. It’s how we go about doing so that differentiates us from our competition. Bridge Bank's product offering includes growth capital, equipment and working capital credit facilities and treasury management solutions, along with a full line of international products and services and financing secured by domestic, government and foreign receivables.
For additional information, visit the Bridge Bank website at www.bridgebank.com or follow us .
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to the safe harbors created by that Act. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements describe future plans, strategies and expectations. Forward-looking statements are based on currently available information, expectations, assumptions, projections, and management's judgment about the Company, the banking industry and general economic conditions. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.
Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this press release. Factors that might cause such differences include, but are not limited to: the Company's ability to successfully execute its business plans and achieve its objectives; changes in general economic, real estate and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; new litigation or changes in existing litigation; future credit loss experience; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company's operations or business; loss of key personnel; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies; and the ability to satisfy requirements related to the Sarbanes-Oxley Act and other regulation on internal control.
The reader should refer to the more complete discussion of such risks in Bridge Capital Holdings' annual reports on Forms 10-K and quarterly reports on Forms 10-Q on file with the Securities and Exchange Commission. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.