California Micro Devices Establishes Working Capital and Equipment Facilities Financing with Silicon Valley Bank6/18/2002 02:00:00 AM Client News
MILPITAS, California - June 18, 2002 - California Micro Devices (Nasdaq: CAMD) today announced that Silicon Valley Bank (Nasdaq: SIVB) has agreed to provide a $5 million credit facility, which can be used for working capital equipment and capital equipment to support the company's future growth.
"Silicon Valley Bank understands the growth potential of our new business model as we now focus our ASIP™ and analog semiconductor solutions on the mobile, computing and LED lighting markets," said Ken Thornbrugh, CFO and VP of finance and administration for California Micro Devices. "We look forward to working closely with the Silicon Valley Bank team as they provide the financing we will need to meet the increased demand for our products." "We are impressed with the changes that Bob Dickinson, the CEO of California Micro Devices, and his team have initiated over the past year," said Tom Smith, senior relationship manager of Silicon Valley Bank's South Bay region. The company's designs win momentum, and bookings growth over the past several quarters point to the positive impact of these changes on its operations. We look forward to supporting the company's strategy to return to growth and profitability."
About Silicon Valley Bank
Silicon Valley Bank serves emerging growth and middle market companies in targeted niches, focusing on technology and life sciences, while also addressing other specific industries in which it can provide a higher level of service and better manage credit through specialization and focus. More information on the Bank can be found at www.svb.com.
About California Micro Devices Corporation
California Micro Devices Corporation is a leading supplier of Application Specific Integrated Passive (ASIP) devices and related analog semiconductors. Within the company's broad product line are highly integrated solutions that ensure signal integrity, EMI (electromagnetic interference) filtering, ESD (electrostatic discharge) protection, and smart power management for a broad spectrum of computing, mobile, consumer, lighting, and medical applications. Detailed corporate and product information may be accessed at www.calmicro.com.Read More