Germantown, Md.
-- February 13, 2001 -- Microlog Corporation announced today
that it has renewed and amended its line of credit agreement
with Silicon Valley Bank.
The line of credit allows the Company to borrow
as much as 75% of its eligible receivables up to $1.0 million.
Because the Company had not drawn down on the existing line,
which allowed the Company to borrow as much as 75% of its
eligible receivables up to $2.0 million, the Company believes
that the amended line provides sufficient funds and terms that
are more appropriate for its current business plans.
The term of the line is for one year and is
secured by all of the Company's assets. "Renewing our banking
line of credit is a significant event and we are comfortable
with a $1.0 million line at this time. We are also very pleased
with our banking partner, Silicon Valley Bank, and look forward
to a long, continuing relationship with them," stated Mr. Kirk
Isenbart, Microlog's Controller and Principal Accounting
Officer.
"This continued relationship with Microlog
compliments our high technology portfolio," said Mr. John
Atanasoff, Vice President of Silicon Valley Bank. "We look
forward to working with Microlog now and in the future."
About Microlog
Microlog Corporation designs software
applications that enhance the productivity of the customer
contact center experience, as well as providing consultation on
a variety of system integration options. The Company's
professional services encompass the migration of e-commerce
into the traditional call center environment by Web
enablement.
Microlog's award winning products support this
Web enablement, as well as supporting all inbound and outbound
media, telephone, email, fax, and Web for contact centers.
Other services offered by Microlog include: technology
assessment; project management; application and software
development; system integration; telephony integration;
installation; system administration and quality assurance. For
additional information, call 301/540-5500 or visit
www.mlog.com.
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.
The Bank operates throughout the Silicon Valley: Santa
Clara, Palo Alto and Sand Hill, the center of the venture
capital community in California. Other regional offices within
California include: Irvine, Los Angeles, Napa Valley, San
Diego, San Francisco, Santa Barbara, and Sonoma. Office
locations outside of California include: Phoenix, Arizona;
Boulder, Colorado; West Palm Beach, Florida; Atlanta, Georgia;
Chicago, Illinois; Boston, Massachusetts; Minneapolis,
Minnesota; Durham, North Carolina; Portland, Oregon;
Philadelphia, Pennsylvania; Austin, Texas; Dallas, Texas;
Northern Virginia; and Seattle, Washington.
SVB Contact:
Andrea McGhee, (408) 654-3078, amcghee@svbank.com.