IRVINE, Calif., March 5, 2013 /PRNewswire/ -- DecisionPoint(TM) Systems, Inc. (OTCBB: DPSI), a leading provider and integrator of Enterprise Mobility and Wireless Applications, announced today that it has secured a new $10 million line of credit arrangement from Silicon Valley Bank (SVB).
The new financing arrangement extends the existing $10 million line of credit with SVB through February 2015 with improved terms. The improved terms include a lower interest rate than the predecessor line of credit, which interest rate may be further decreased based upon future performance metrics. In addition, the new arrangement also includes provisions for a $1 million term loan with a three-year amortization and a lower interest rate than prior term loans, further increasing the Company's cash availability and financial flexibility.
"This enhanced credit line is a two-year facility which will be used as a key tool in our working capital management program to continue funding the Company's growth," said DecisionPoint CEO Nicholas R. Toms. "Silicon Valley Bank has been a great partner to us and we are pleased to be expanding our relationship with them."
"As DecisionPoint continues to grow, we are pleased to offer the financial resources, products and services that will help the company reach its goals," said Victor Le, Vice President of Silicon Valley Bank in Irvine, CA. "Our innovative clients keep pushing the boundaries of what is possible and we're proud to have the opportunity to help the team at DecisionPoint succeed."
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 28 U.S. offices and six international operations. (Nasdaq: SIVB) www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
About DecisionPoint(TM) Systems, Inc.
DecisionPoint Systems, Inc. delivers improved productivity and operational advantages to its clients by helping them move their business decision points closer to their customers. The Company does this by making enterprise software applications accessible to the front-line worker anytime, anywhere utilizing the latest wireless, mobility, and RFID technologies.
For more information on DecisionPoint Systems visit www.decisionpt.com
DecisionPoint Systems, Inc.
Nicholas R. Toms
Chief Executive Officer
Silicon Valley Bank
Public Relations Director
Len Hall (media)
SOURCE DecisionPoint Systems, Inc.