Colorado Springs, Colorado - May 7, 2002 - Silicon Valley Bank (the "Bank"), a wholly owned subsidiary of Silicon Valley Bancshares, today announced it provided Plasmon, Inc. with a $10.0 million working capital line of credit.
Headquartered in Cambridge in the UK, Plasmon is a leading provider of automated removable storage systems and manufacturers optical disk drives and optical and tape library systems in Colorado Springs. It has recently consolidated its Minneapolis manufacturing operations into its Colorado Springs facility and has opened a new US sales and marketing office near the Denver Technology Center.
"Silicon Valley Bank has proved to be a highly responsive lender, structuring an innovative facility to meet Plasmon's requirements. They clearly understand the needs of a dynamic technology company, particularly given our current UDO drive development program," said Timothy Arthur, Group Finance Director.
"We are pleased to provide Plasmon with a creative financing vehicle that helps them to complete their US reorganization and fund their high capacity UDO optical drive development program. Our evaluation endorses Plasmon's penetration into the high end optical storage industry and the ability to be the industry leader into the 21st century," said Mike Devery, Market Manager in the Bank's Colorado office.
While Silicon Valley Bank is best known for focusing on early stage companies, this facility underscores the Bank's commitment to address the needs of later-stage, more mature clientele. "Silicon Valley Bank continues to expand our product offerings to meet the needs of new and existing relationships through every stage of a company's life cycle," said Suzanne Lovett, SVB Regional Marketing Manager for the Bank's Structured Finance Division. About Plasmon
Founded in 1987, Plasmon is an international business specializing in the design and manufacture of high-end removable data storage solutions and has been listed on the London Stock Exchange since 1996 (LSE: PLM). World-wide the company has over 500 employees and annual sales revenues in excess of $100m.
Plasmon's world-wide headquarters are in Cambridge in the UK where the company also develops and manufactures 12" optical disk products and provides specialist technology consultancy to the CD-R and DVD rewritable manufacturing industry. Storage management software and network attached RAID products are also developed in the UK. European regional sales offices are located in Munich, Paris, Milan and Brussels and Plasmon also manufactures optical disc masters in Caen in northern France.
In the USA, Plasmon develops and manufactures optical disc and tape libraries and optical disk drives at its facility in Colorado Springs. Plasmon is the leading manufacturer of 12" optical disc drives and media and also supplies a wide range of storage solutions based on 5.25" MO, CD/DVD and LTO tape storage technologies. Typical end-users of Plasmon products include banks, hospitals, insurance companies and government departments where the secure archival of large amounts of data are primary requirements. 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.
Silicon Valley Bank operates throughout the Silicon Valley: Fremont, 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; New York, New York; Durham, North Carolina; Portland, Oregon; Philadelphia, Pennsylvania; Austin, Texas; Dallas, Texas; Northern Virginia; and Seattle, Washington. More information on the Bank can be found at http://www.svb.com
Plasmon, Inc., Timothy Arthur, 719.593.4141, email@example.com
Silicon Valley Bank, Mike Devery, 303.938.9811, firstname.lastname@example.org