FREMONT, Calif., February 1, 2018 — Identiv, Inc. (NASDAQ: INVE), a global provider of physical security and secure identification, has entered into an agreement to amend its existing loan and security agreement with East West Bank.
The original agreement entered into on February 8, 2017 provided for a $10 million asset-backed line-of-credit agreement. Given Identiv’s stronger balance sheet position and improved financial performance since then, the parties have agreed to amend the original agreement with improved financing terms. The total facility has increased from a $10 million asset-backed line-of-credit facility to a $12 million line-of-credit facility. Capital availability has been improved through the addition of a $3 million non-formula line of credit sublimit. The annual interest rate was reduced from prime rate plus 2.0% to prime rate plus 1.0%. In addition, financial covenants under the agreement have been amended and certain reporting requirements have been streamlined.
Despite the amendment, there is no change to the original term of the facility. The Company will file an 8-K further describing the details of this amendment.
“East West Bank has been a great partner of ours, displaying a commitment to the technology sector and, more specifically, to our long-term growth and success,” said Sandra Wallach, Identiv’s CFO. “We believe entering into this amendment not only underscores the improved financial position of the company and reduces the administrative burden, but also provides us with additional financial flexibility and sprint capacity to further execute on our organic and inorganic growth strategy.”
Identiv, Inc. is a global provider of physical security and secure identification. Identiv’s products, software, systems, and services address the markets for physical and logical access control and a wide range of RFID-enabled applications. Customers in the government, enterprise, consumer, education, healthcare, and transportation sectors rely on Identiv’s access and identification solutions. Identiv’s mission is to secure the connected physical world: from perimeter to desktop access, and from the world of physical things to the Internet of Everything. Identiv is a publicly traded company and its common stock is listed on the NASDAQ Capital Market in the U.S. under the symbol “INVE.” For more information, visit identiv.com.
Note Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based on current expectations as well as the current beliefs and assumptions of the Company’s management and can be identified by words such as “anticipates”, “believes”, “plans”, “will”, “intends”, “expects”, and similar references to the future. Any statement that is not a historical fact, including the statements regarding the Company’s beliefs regarding the benefits of the amendment, that the amendment underscores the Company’s improved financial position, and that the amendment provides the Company with additional flexibility to further execute on its growth strategy, is a forward-looking statement.
Forward-looking statements are only predictions and are subject to a number of risks and uncertainties, many of which are outside our control, which could cause actual results to differ materially and adversely from those expressed in any forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the Company’s ability to continue momentum in its business; its ability to successfully execute its growth strategy, including its ability to acquire synergistic products, technologies and businesses on commercially reasonable terms, or at all; the level of customer orders, the success of its products and partnerships, industry trends and seasonality, and factors discussed in our public reports, including our Annual Report on Form 10-K for the year ended December 31, 2016 and subsequent reports filed with the U.S. Securities and Exchange Commission. All forward-looking statements are based on information available to us on the date hereof, and we assume no obligation to update such statements.
Investor Relations Contact:
Matt Glover and Najim Mostamand, CFA
Liolios Group, Inc.
Identiv Media Contact: