CULVER CITY, Calif., February 10, 2003 - Codehost, Inc., a leading provider of software solutions for OEMs within the printing and imaging markets, announced today it secured a $1 million line of credit from Silicon Valley Bank, a subsidiary of Silicon Valley Bancshares (SIVB). The credit facility will fund Codehost's revenue and asset growth.
"Our relationship with Silicon Valley Bank enables us to align our financial strength with our business objectives and service more customers," said Sam Bizri, CEO, Codehost. "The Bank's deep experience with emerging technology companies allows it to anticipate our needs, even before we do. With this additional working capital we have the flexibility we need to continue to develop long-term relationships with OEMs and grow our emerging business."
Codehost's BrightQ printing solution for Linux and UNIX is quickly becoming adopted by leading manufacturers of high-end laser printers and multi-function devices. Having established relationships with these organizations, the company will introduce new products and services to these markets throughout 2003."Codehost has developed key relationships with multinational printing and mobile computing OEMs and is quickly becoming a leader in turnkey software solutions in the areas of Linux, Unix, and embedded software," said Tim Bubnack of Silicon Valley Bank. "The company is well positioned for fast growth with a strong management team, unique proprietary products, and real revenue traction. We look forward to supporting Codehost with this financing and our comprehensive suite of banking services as Codehost grows from early stage to industry leader." About Codehost, Inc.
Founded in 1999, Codehost has emerged as the leader in Linux and UNIX software development for printers and multi-function devices, providing solutions and services for top manufacturers such as Canon U.S.A Inc., Ricoh Corporation, and Samsung Electronics.
With an expertise in a number of operating system platforms, hardware architectures, embedded technologies and peripheral devices, Codehost strives to establish long-term relationships with OEM's to support and grow their market share, while helping them enter emerging market segments.
BrightQ™ was chosen as a finalist for the Best Desktop Office Solution award during the LinuxWorld 2002 in San Francisco. Additional information can be found at www.codehost.com
. About Silicon Valley Bank
Silicon Valley Bank serves emerging growth and mature companies in the technology and life sciences markets, as well as other targeted industries. 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 Bank serves more than 9,500 clients across the country through 27 regional offices. More information on the Bank can be found at www.svb.com.