Attached files
| file | filename |
|---|---|
| 8-K - interCLICK, Inc. | v196787_8k.htm |
| EX-10.1 - LOAN AND SECURITY AGREEMENT DATED SEPTEMBER 10, 2010 - interCLICK, Inc. | v196787_ex10-1.htm |
 |
|
 |
|
|
interclick
Greatly ImprovesCredit
|
|
|
Facility
Due toStrong Growth
|
|
|
Line
of Credit More than Doubles to $15 Million
|
|
|
Significantly
Reduces Cost of Capital
|
|
|
NEW
YORK, September 16, 2010 – interclick, inc. (NASDAQ: ICLK), a leading
digital advertising technology company, announced today that it has
secured a $15 million loan and security agreement (the “facility”) with
Silicon Valley Bank (“SVB”), the primary subsidiary of SVB Financial Group
(NASDAQ: SIVB). The company also announced it will be using SVB’s cash
management services for the majority of its operating needs, effective
immediately.
|
|
|
The
two-year facility consists of a revolving line of credit which replaces
the company’s previous $7 million accounts receivable facility with
Crestmark Commercial Capital and will be used primarily to satisfy working
capital needs associated with the company’s continued strong
growth. Depending on the level of borrowing, the new facility
is expected to reduce the company’s effective cost of capital by
approximately 200 basis points annually as compared to the Crestmark
facility. Complete details related to the facility and a copy
of the agreement will be set forth in the company’s Form 8-K to be filed
with the SEC.
|
|
|
“This
new facility is designed to coincide perfectly with the trajectory of our
business,” said Roger Clark, interclick’s Chief Financial
Officer. “It more than doubles our borrowing availability,
greatly reduces our cost of capital, and provides the flexibility to
optimize our working capital as we pursue our growth
objectives.”
|
|
|
“SVB
is proud of interclick’s success thus far,” said Michael McMahon,
relationship manager at Silicon Valley Bank. “We are pleased to
once again have the opportunity to partner with the interclick management
team and provide them with financing and cash management services for
continued growth.”
|
|
|
About
interclick
|
|
|
interclick,
inc. (NASDAQ: ICLK) is a leading provider of digital advertising
technology. Using advanced data valuation techniques,
interclick connects brands with highly targeted audiences at scale, amid
the hyper-fragmentation online. The Company’s innovative Open
Segment Manager (OSM) platform organizes and valuates which data points
should be combined to construct the most responsive digital audiences for
major digital marketers. interclick delivers some of the most
innovative and unique campaign executions on the market today. For more
information, visit http://www.interclick.com.
|
|
Page 1 of
3
|
|
|
|
|
About
SVB
|
|
Silicon
Valley Bank is the premier commercial bank for companies in the
technology, life science, venture capital, private equity and premium wine
industries. SVB provides a comprehensive suite of financing solutions,
treasury management, corporate investment and international banking
services to its clients worldwide. 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 company serves clients around the world
through 26 U.S. offices and international operations in China, India,
Israel and the United Kingdom. Silicon Valley Bank is a member of global
financial services firm SVB Financial Group (NASDAQ: SIVB), with SVB
Analytics, SVB Capital, SVB Global and SVB Private Client
Services. More information on the company can be found at www.svb.com.
|
|
|
Safe
Harbor
|
|
|
This
press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 including the
prospects for future growth and our forecasted
revenue. Forward-looking statements can be identified by words
such as “anticipates,” “intends,” “plans,” “seeks,” “believes,”
“estimates,” “expects” and similar references to future
periods.
|
|
|
Forward-looking
statements are based on our current expectations and assumptions regarding
our business, the economy and other future conditions. Because
forward-looking statements relate to the future, they are subject to
inherent uncertainties, risks and changes in circumstances that are
difficult to predict. Our actual results may differ materially from those
contemplated by the forward-looking statements. We caution you therefore
against relying on any of these forward-looking statements. They are
neither statements of historical fact nor guarantees or assurances of
future performance. Important factors that could cause actual results to
differ materially from those in the forward-looking statements include the
impact of intense competition, the continuation or worsening of current
economic conditions, a potential decrease in corporate advertising
spending, a potential decrease in consumer spending and the condition of
the domestic and global credit and capital
markets.
|
|
Page 2 of
3
|
|
||
|
|
Further
information on our risk factors is contained in our filings with the
Securities and Exchange Commission, including our Form 10-K for the year
ended December 31, 2009. Any forward-looking statement speaks
only as of the date on which it is made. Factors or events that
could cause our actual results to differ may emerge from time to time, and
it is not possible for us to predict all of them. We undertake no
obligation to publicly update any forward-looking statement, whether as a
result of new information, future developments or otherwise, except as may
be required by law.
|
|
|
Company
Contact
|
Investor
Relations Contact
|
|
|
Roger
Clark, CFO
|
Brett
Maas, Hayden IR
|
|
|
(646)
395-1776
|
(646)
536-7331
|
|
|
roger.clark@interclick.com
|
brett@haydenir.com
|
|
|
* * *
|
||