Advanced Photonix Announces Banking Relationship with Silicon Valley Bank
ANN ARBOR -- Advanced Photonix Inc. (NYSE Amex: API) said Friday that it had established a new credit facility with the Chicago regional headquarters of Silicon Valley Bank.
As part of this new banking relationship, the company has repaid the short-term note and line of credit previously held by The PrivateBank and Trust. The new credit facility is initially comprised of a three-year term note of $1 million, and a two-year $5 million revolving line of credit.
Said Richard Kurtz, API president and CEO: "We are pleased to have established this new relationship with Silicon Valley Bank, a strong bank with a rich history of working with growing high technology businesses like API. I would also like to thank The PrivateBank and Trust for their support over the past four years. This new credit facility makes possible an increase in foreign receivable coverage up to $3 million as part of the $5 million total line. This increase in total credit facility will help us fund our growth, including our international revenue growth. We are very pleased with our new relationship with Silicon Valley bank, both for their commitment to API in particular and deep understanding of the high technology market."
Added Mike Kohnen, senior relationship manager at Silicon Valley Bank: "We aim to increase the probability of our clients' success and we're looking forward to working closely with the Advanced Photonix team as they continue to grow. Since we are focused on technology innovators like API, we are able to provide them with the services and financing they need to expand internationally and tackle their ambitious goals."
More at www.advancedphotonix.com.
