Seattle, WA -- April 18, 2001 -- Silicon Valley Bank, a wholly owned subsidiary of Silicon Valley Bancshares, announced it provided Airbiquity Inc. $1.5 million in equipment financing. Airbiquity, a wireless voice and data technology company in the global positioning system (GPS) space, will use the financing for office equipment, furniture and telecom equipment.
"More than just dollars, Airbiquity appreciates the value that Silicon Valley Bank brings to our company," said Marty Heimbigner, vice president of finance and accounting for Airbiquity. "This available resource will help us continue our tremendous growth within the location commerce space."
The majority of GPS companies require the wireless carrier to make changes to their systems, often times via additional capital expenditures, in order to implement the GPS technology. Airbiquity is unique because it uses the carrier's existing voice channel to carry their signal from the source to the respondent, thus allowing the carrier to forego system changes and capital expenditures.
"Airbiquity is a leader in the wireless space because of the unique way they're positioned," said Art Hiemstra, manager of Silicon Valley Bank's Seattle office. "As the revenue stream from existing and new Airbiquity clients grows, Silicon Valley Bank's relationship with them will continue to develop. Silicon Valley Bank will stand ready to meet their needs with additional equipment financing as their customer and employee base grows."
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.
Airbiquity is the location technology company that delivers GPS data to any wireless network worldwide. The company's patented aqLink(tm) software enables wireless carriers, automobile manufacturers, commercial call centers and Internet portals to offer their subscribers location-based services that enhance productivity, manage assets, and deliver personalized content. Airbiquity's premier product is the breakthrough GPS Accessory, which combines our aqLink software with commercial GPS to instantly deploy Location Commerce(sm) services on any wireless network. Airbiquity's patented Push-to-Pinpoint(tm) technology puts privacy first by allowing wireless subscribers to control the release of their personal location with the touch of a button. For more information visit Airbiquity's web site at www.airbiquity.com.
SVB Contact: Andrea McGhee, (408) 654-3078, firstname.lastname@example.org.