MILPITAS, Calif., July 31 /PRNewswire-FirstCall/ --
California Micro Devices (Nasdaq: CAMD) today announced that it has extended
its credit facilities agreement with Silicon Valley Bank (Nasdaq: SIVB) for
another year. As was the case with the original credit facilities agreement,
initiated in June 2002, the extension provides the company with access to
working capital and equipment financing, subject to the company complying with
various covenants. The $3.7 million working capital facility and $3.5 million
equipment financing facility are subject to a combined cap of $5.0 million.
The equipment facility has been fully utilized by the company.
"Despite the protracted economic slowdown over the past year, California
Micro Devices has maintained strong marketing momentum and achieved impressive
growth," said Tom Smith, senior vice president, Silicon Valley Bank. "We look
forward to expanding upon our relationship with California Micro Devices in
the year ahead as the economy continues its recovery."
"Silicon Valley Bank continues to serve as our premier banking partner,"
said Greg Miller, CFO for California Micro Devices. "We're pleased we have
their support and that our extended agreement contains more favorable terms
than the original one." Miller confirmed that, as of the end of June,
California Micro Devices had an outstanding balance of $2.5 million on the
term loan equipment facility and was in full compliance with bank covenants.
He also noted that the company had no need to access its revolving working
capital line of credit during the June quarter.
About Silicon Valley Bank
Silicon Valley Bank provides diversified financial services to emerging
growth and mature companies in the technology and life sciences markets, as
well as the premium wine industry. Through its focus on specialized markets
and extensive knowledge of the people and business issues driving them,
Silicon Valley Bank provides a level of service and partnership that
measurably impacts its clients' success. Founded in 1983 and headquartered in
Santa Clara, Calif., the company serves more than 9,500 clients across the
country through 27 regional offices. More information on the company can be
found at: http://www.svb.com .
About California Micro Devices Corporation
California Micro Devices Corporation is a leading supplier of application-
specific analog semiconductor products for the mobile, computing, and high-
brightness LED lighting markets. Key products include application-specific
integrated passive (ASIP(TM)) devices and power management ICs as well as
silicon sub-mounts for high-brightness LEDs. Detailed corporate and product
information may be accessed at www.calmicro.com.
NOTE: ASIP(TM) is a trademark of California Micro Devices. All other
trademarks are property of their respective owners.
SOURCE California Micro Devices Corporation
/CONTACT: Greg Miller, Chief Financial Officer of California Micro
Devices Corporation, +1-408-263-3214, or email@example.com; or Meghan O'Leary,
Director of Public Relations, of Silicon Valley Bank, +1-415-512-4263, or
/Web site: http://www.svb.com /
/Web site: http://www.calmicro.com /
CO: California Micro Devices Corporation; Silicon Valley Bank
IN: CPR SEM ECP FIN
SU: CON FNC
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6802 07/31/2003 16:03 EDT http://www.prnewswire.com