Schick signs for $5 million credit, loses CFO

In an effort to bolster its business, digital detector developer Schick Technologies of Long Island City, NY, has signed a commitment letter with investment firm Greystone & Co. to provide Schick with a $5-million line of credit, subject to final agreement. Under terms of the deal, Greystone will gain rights to purchase Schick common stock and will fill two seats on the firm’s board of directors. Schick expects the transaction to close by early November.

On the management side, Schick announced the resignation of its CFO, George Rough, and that it has begun the search for his replacement. The company also named John Pauly to the post of chief operating officer. Pauly is president and CEO of PFCM Corp., a professional services company that provides management consulting services worldwide.