Identiv Raises $20M to Deliver Trust to the Internet of Things
FREMONT, Calif., March 31, 2014 (GLOBE NEWSWIRE) -- Identiv (Nasdaq:INVE)
today announced that it has entered into a $20.0 million term loan and
line-of-credit agreement through Opus Bank's Technology Banking Division. The
proceeds of the transaction will be used to retire existing debt and enhance
liquidity, creating a stronger financial platform to accelerate growth.
"We are now focusing on delivering trust solutions for the rapidly expanding
connected world," said Jason Hart, CEO of Identiv. "Our 'Trust Your World'
vision is applicable to billions of everyday items that demand to be trusted.
We are expanding from a strong base, having shipped product for well over 100
million everyday items in 2013."
"We could not be more excited about contributing to this shift in the
industry. There is so much potential in the emerging Internet of Things market
and in connecting everyday items," said Kevin McBride, Senior Managing
Director and Head of Opus Bank's Technology Banking Division. "Identiv is a
clear market leader with its strong capabilities and core competencies, and we
are proud to be joining Identiv on this journey."
About Opus Bank
Opus Bank is an FDIC insured California-chartered commercial bank with over
$3.7 billion of total assets, $2.9 billion of total loans, and $2.7 billion in
total deposits as of December 31, 2013. Opus Bank provides high-value,
relationship-based banking products, services and solutions to its clients
comprised of small and mid-sized commercial business, entrepreneurs, real
estate investors, professionals and consumers. Opus Bank offers a suite of
treasury and cash management and depository solutions, and a wide range of
loan products, including commercial and industrial, commercial real estate,
multifamily residential, and is an SBA preferred lender. Opus Bank is an Equal
Housing Lender. Opus Bank operates 60 banking offices, including two banking
offices in the Phoenix metropolitan area of Arizona, 34 banking offices in
California and 24 banking offices in the Seattle/Puget Sound region of
Identiv is a global security technology company that establishes trust in the
connected world, including premises, information and everyday items. CIOs,
CSOs and product departments rely upon Identiv's Trust Solutions to reduce
risk, achieve compliance and protect brand identity. Identiv Trust Solutions
are implemented using standards-driven products and technology, such as
digital certificates, mobility and cloud services. For more information, visit
Note Regarding Forward Looking Information:
This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking statements can be
identified by words such as "anticipates," "believes," "plans," "will,"
"intends," "expects," and similar references to the future. Examples of such
statements include, without limitation, statements we make regarding our
expectation that the proceeds from our loan and line-of-credit transaction
will allow us to create a stronger financial platform to accelerate growth.
Readers should not unduly rely on these forward-looking statements, which are
not a guarantee of future performance and are subject to a number of risks and
uncertainties, many of which are outside our control, which could cause our
actual business and operating results to differ. Factors that could cause
actual results to differ materially from those in the forward-looking
statements include our ability to implement our growth strategy, to
successfully develop and commercialize new products and solutions, our ability
to meet our sales forecasts, and our ability to meet financial covenants of
our loan agreement. For a discussion of further risks and uncertainties
related to our business, please refer to our public company reports, including
our Annual Report on Form 10-K for the year ended December 31, 2013 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.
CONTACT: Opus Bank Contact:
Jeff L. Leonard
SVP, Dir. of Communications
Identiv Media Contacts:
Lesley Sullivan/Joann Wardrip
Identive Group Logo
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