Avidbank Corporate Finance Provides Financing Facility to Passkey International, Inc.

  Avidbank Corporate Finance Provides Financing Facility to Passkey
  International, Inc.

Business Wire

PALO ALTO, Calif. -- July 10, 2013

Avidbank Corporate Finance, a Division of Avidbank, has provided a financing
facility to Passkey International, Inc. (“Passkey”) of Waltham, MA.

Passkey is the travel industry’s most recognized group reservation and
optimization technology provider. The Company’s core product, GroupMAX, is the
only Software as a Service (“SaaS”) solution that is deployed to power
reservations for all sizes of meetings across a wide range of event settings
including Convention & Visitor Bureaus (CVBs), corporations, travel management
companies, casinos, and both independent and brand hotels. (www.passkey.com)

Founded in 1996, Passkey has grown to serve over 90% of the North American CVB
market and today GroupMAX is deployed at over 700 hotels worldwide. Passkey’s
clients include some of the largest travel management companies, as well as
major corporations that require the ability to manage their housing and group
reservations directly at hotels worldwide.

“Passkey has been cash flow positive for nearly a decade,” stated Greg Pesik,
CEO and President of Passkey. “In light of our ongoing sales expansion in both
Europe and Asia, along with investment in our technology, we sought a
financial partner to contribute to and benefit from our growth. Avidbank is
the ideal partner. They took the time to understand our business and were able
to tailor-make a deal structure that matched our needs. We are looking forward
to a long-term relationship with them.”

“I am pleased we were able to put this facility in place for Passkey,” stated
Avidbank Corporate Finance Executive Vice President, Mike Hansen. “They are a
good example of companies we like to work with as they are a leader in their
market place due to their strong management team. They continue to demonstrate
impressive growth. We look forward to a strong and mutually beneficial
relationship.”

About Avidbank

Avidbank Holdings, Inc. (OTCBB: AVBH), headquartered in Palo Alto, California
offers innovative financial solutions and services. We specialize in the
following markets: commercial & industrial, corporate finance, asset-based
lending, real estate construction and commercial real estate lending, and real
estate bridge financing. Avidbank advances the success of our clients by
providing them with financial opportunities and serving them as we wish to be
served – with mutual effort, ingenuity and trust – creating long-term banking
relationships.

Contact:

Avidbank Holdings, Inc.
Steve Leen, 650-843-2204
Chief Financial Officer
www.avidbank.com
 
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