IRVINE, Calif., March 3, 2015 /PRNewswire/ -- DecisionPoint™
Systems, Inc. (OTCQB: DPSI), a leading provider and integrator of
Enterprise Mobility and Wireless Applications solutions, announced
today that it has renewed its $10
million line of credit with Silicon Valley Bank.
The renewal extends the existing $10
million line of credit through February 2017, keeps the current reduced interest
rate in place, and provides for a further reduction in the rate if
the Company achieves certain performance milestones.
"The renewal agreement with Silicon Valley Bank reflects a
strong improvement during 2014 in our operating performance," said
CFO Michael Roe. "Our
nine-month sales were higher year-over-year, term debt was down,
cash flow from operations was up and Adjusted EBITDA was up.
The reduction in our interest rate from the Bank in 2014 was a
result of our continuing operating improvement, as well as our
streamlined expenses and overhead costs."
Mr Roe said that the Company intends to publish its fourth
quarter and full-year 2014 earnings in mid- to late March. An
announcement will be made at the appropriate time.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped
innovative companies and their investors move bold ideas forward,
fast. SVB provides targeted financial services and expertise
through its offices in innovation centers around the world. With
commercial, international and private banking services, SVB helps
address the unique needs of innovators. Forbes named SVB one of
America's best banks (2015) and one of America's best-managed
companies (2014).
Learn more at svb.com.
Silicon Valley Bank is the California bank subsidiary and commercial
banking operation of SVB Financial Group (Nasdaq: SIVB), and
a member of the FDIC. Silicon Valley Bank and SVB Financial Group
are members of the Federal Reserve System.
About DecisionPoint™ 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. They do
this by making enterprise software applications accessible to the
front-line worker anytime, anywhere. DecisionPoint utilizes
the latest wireless, mobility, and RFID technologies.
For more information on DecisionPoint Systems
visit www.decisionpt.com
Forward-Looking Statements
Except for historical information contained herein, the
statements in this news release are forward-looking statements that
are made pursuant to the safe harbor provisions of the Private
Securities Act of 1995. Forward-looking statements involve
known and unknown risks and uncertainties, which may cause a
company's actual results, performance and achievements in the
future to differ materially from forecasted results, performance,
and achievements. Known risks and uncertainties are described
in the Company's periodic filings with the Securities and Exchange
Commission. The Company undertakes no obligation to publicly
release the results of any revisions to its forward-looking
statements to reflect events or circumstances after the date
hereof, including without limitation unanticipated events or
changes in the Company's plans or expectations.
Contacts:
DecisionPoint™ Systems, Inc.
Michael Roe
Chief Financial Officer
(949) 465-0065 ext. 25
Silicon Valley Bank
Carrie
Merritt
Public Relations Director
cmerritt@svb.com
(503) 574-3705
Allen & Caron, Inc.
Rudy Barrio (investors)
r.barrio@allencaron.com
(212) 691-8087
Len Hall (media)
len@allencaron.com
(949) 474-4300
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SOURCE DecisionPoint Systems, Inc.