Avidbank Corporate Finance Provides $1,750,000 Working Capital Line of Credit to Akademos

  Avidbank Corporate Finance Provides $1,750,000 Working Capital Line of
  Credit to Akademos

Business Wire

PALO ALTO, Calif. -- August 6, 2013

Avidbank Corporate Finance, a Division of Avidbank that specializes in
technology and asset-based funding, has provided Akademos a $1,750,000 working
capital line of credit.

Akademos, an education technology company founded in 1999 and located in
Norwalk, Connecticut, is a full-service online bookstore and marketplace
serving students and faculty at hundreds of educational institutions across
the country. Their direct-to-student business, TextbookX.com, is an e-commerce
bookstore, selling textbooks, bestsellers, and merchandise. They also partner
with colleges, universities and private high schools to provide custom virtual
bookstore services and eLearning solutions. Their offerings include an
innovative textbook marketplace with access to third-party sellers where
students can choose from new or used books, textbook rentals, eBooks and other
digital materials to make their education more affordable. Schools are offered
new choices in textbooks and media, and a better distribution system to ensure
their students have the course materials they need for successful learning.

“I am delighted we were able to put this facility in place for Akademos,” said
Avidbank Corporate Finance Executive Vice President, Mike Hansen. “They have
built a quality team with extensive experience and insight into this business,
and have grown at an impressive rate. We appreciate the opportunity to
contribute to their continued success.”

“We are pleased to be working with Avidbank. They took the time to understand
the nuances of our business and space to create financing that works for us,”
stated John Squires, CEO and President of Akademos. “We are looking forward to
a long-term relationship with them.”

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


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