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| REMEC Announces Extended Line of Credit with Silicon Valley Bank |
SAN DIEGO--(BUSINESS WIRE)--July 20, 2004--REMEC Inc. (Nasdaq:REMC) today announced that its senior lender, Silicon Valley Bank, has increased the Company's revolving line of credit and extended its term. The original agreement with Silicon Valley Bank provided a two-year, $25 million revolving line of credit secured by substantially all of the Company's assets, principally trade receivables and inventory. The maximum amount of the credit facility has been increased to $30 million, and the facility will mature on July 5, 2005. "Silicon Valley Bank has been a valuable business partner to REMEC, and the expansion of our credit facility represents an important milestone in our continuing relationship," commented Winston Hickman, executive vice-president and chief financial officer of REMEC. "The increase and extension of our credit facility provides us with access to additional working capital to expand our presence in the wireless technology markets we service. Our partnership with Silicon Valley Bank represents a commitment to our growth and our ability to provide customers worldwide with the best products and service in the wireless communications industry." "We are proud of our continued relationships with leading technology companies like REMEC," said Mark Breneman, senior vice president with Silicon Valley Bank's San Diego office. "Silicon Valley Bank strives to provide REMEC and other emerging and established technology companies with creative solutions and diversified financial services that will help them achieve their business objectives." ABOUT REMEC REMEC designs and manufactures microwave and millimeter wave subsystems used in the transmission of voice, video and data traffic over wireless communications networks and provides advanced microwave subsystem solutions for defense and space electronics applications. REMEC is located at 3790 Via de la Valle, Del Mar, CA 92014. For more information, visit the company's Web site at http://www.remec.com or call 858-505-3713. Statements in this press release that are not historical are forward-looking statements, which involve known and unknown risks and uncertainties. Actual results could differ materially from those implied by such forward-looking statements due to a variety of factors, including, general and industry economic conditions, competition, development factors, operating costs and other risks and uncertainties that are detailed from time to time in our filings with the Securities and Exchange Commission. REMEC is a registered trademark of REMEC Inc. Other brand or product names are registered trademarks or trademarks of their respective holders.
CONTACT: SOURCE: REMEC Inc. |