Phoenix, AZ -- June 13, 2001 -- Silicon Valley Bank (the "Bank"), a wholly owned subsidiary of Silicon Valley Bancshares, announced it provided TASER International Inc. with a $1.5 million line of credit.
TASER International, the leading company in the development, manufacturing, and sales of non-lethal stun devices, will use the financing for working capital purposes.
"TASER International Inc. has found Silicon Valley Bank to be unique in working with young high-growth technology companies and their financing needs," said Phillips W. Smith, chairman of TASER International Inc.
Through its advanced non-lethal protection systems, TASER offers a safe, highly effective means of self-defense. The Company also has developed and implemented an innovative weapons tracking program called AFID (Anti-felon Identification). AFID is the first fully functional weapon tracking system that can trace back to a registered user from evidence left at a crime scene. This system has been highly effective not only in deterring criminal behavior, but also in securing legality for the Company's products in over 60 countries.
"Watching the evolution of TASER International from its emergent stage to its recent IPO has been exciting," said Amy Lou Blunt, relationship manager in the Bank's Phoenix office. "The dedication and support of the founding investors has played a significant role in guiding the company to where it is today, as well as fostering our banking relationship. We are pleased to continue our association with TASER, and look forward to their continuing success."
About TASER International Inc.
TASER International, Inc. (NASDAQ: TASR) provides advanced less-lethal weapons for use in the law enforcement, private security, and personal defense markets. Our flagship ADVANCED TASER® product uses proprietary technology to incapacitate dangerous, combative, or high-risk subjects that may be impervious to other less-lethal means. Our technology reduces injury rates to suspects and officers, thereby lowering liability risk and improving officer safety. The ADVANCED TASER® is currently in testing or deployment at over 800 law enforcement and correctional agencies in the U.S. and Canada. For more information or to see real world videos of the ADVANCED TASER, visit our website at www.TASER.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. More information on the Bank can be found at www.svb.com.
SVB Contact: Andrea McGhee, (408) 654-3078, firstname.lastname@example.org.