MIVA Obtains Credit Facility for up to $10 Million
10 Novembre 2008 - 1:28PM
Business Wire
MIVA, Inc., (NASDAQ:MIVA), a digital advertising and media company,
announced today that it has entered into a credit facility for up
to $10 million provided by Bridge Bank N.A., a subsidiary of Bridge
Capital Holdings (NASDAQ: BBNK). America�s Growth Capital (AGC), a
leading investment bank serving emerging growth companies, acted as
financial advisor and sole placement agent for MIVA. The line of
credit is expected to support the growth of MIVA�s expanding ALOT
toolbar and homepage brand, the roll-out of the company�s new MIVA
Media ad platform, as well as providing working capital for general
corporate purposes. Availability under the line of credit is
determinable by a number of factors. At September 30, 2008, MIVA
would have been eligible to draw down approximately $6.5 million
under this line of credit. �I believe this credit line will provide
the company liquidity at this pivotal time in our growth and
development,� said Peter Corrao, MIVA�s President and CEO, �I
believe it represents an important step in our efforts to expand
our ALOT toolbar and homepage brand, as well as support the
roll-out of our new MIVA Media ad platform, which we launched in
beta earlier this month.� �MIVA is executing well on its transition
plan and has a broad range of growth initiatives in place across
both its Direct and Media divisions,� commented Paul Gibson, Senior
Vice President of Bridge Bank�s Eastern Region Technology Banking
Division. �Their technology and management team make MIVA an ideal
addition to Bridge Bank�s growing portfolio of East Coast
technology clients.� About Bridge Bank, N.A. and Bridge Capital
Holdings Bridge Bank, N.A. is Silicon Valley's full-service
professional business bank. The bank is dedicated to meeting the
financial needs of small, middle-market, and emerging technology
businesses. It provides a comprehensive package of business banking
solutions delivered through experienced, professional bankers.
Bridge Bank is a unit of Bridge Capital Holdings, which holds a
Global Select listing on The NASDAQ Stock Market under the trading
symbol �BBNK.� Visit Bridge Bank at www.bridgebank.com. About
America�s Growth Capital, LLC America�s Growth Capital is a
national, emerging growth focused investment bank. The firm's 82
transactions in just 5 years have ranged in size from $5 million to
$1 billion and have included buyouts, buy-side and sell-side
advisory assignments, PIPEs, IPOs, Follow-ons, private placements
and fairness opinions. With offices in Boston and Silicon Valley,
the firm is solely focused on discovering and working with exciting
high growth companies which they hope will be potential acquisition
or investment opportunities. For more information on AGC, visit
www.americasgc.com. About MIVA�, Inc. MIVA, Inc. (NASDAQ:MIVA -
News) is a digital media company with a mission to deliver valuable
digital audiences to advertisers. MIVA has two focuses to its
business: owning and operating a growing portfolio of consumer
destination sites and interest-specific toolbars, through its MIVA
Direct division; and running a third-party contextual Pay-Per-Click
ad network focused on key vertical sectors, through its MIVA Media
division. MIVA, Inc. operates across North America and in Europe.
Forward-looking Statements This press release contains certain
forward-looking statements that are based upon current expectations
and involve certain risks and uncertainties within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995. Words or
expressions such as "anticipate", "plan," "will," "intend,"
"believe" or "expect'" or variations of such words and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements are not guarantees of
future performance and are subject to risks, uncertainties, and
other factors, some of which are beyond our control and difficult
to predict and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking statements,
including (1) cash requirements, (2) our ability to successfully
execute upon our corporate strategies, (3) our ability to develop
and successfully market new products and services, (4) the
potential acceptance of new products in the market, and (5) our
compliance with loan covenants. Additional key risks are described
in MIVA's reports filed with the U.S. Securities and Exchange
Commission, including the Form 10-K for fiscal 2007 and our most
recently filed Form 10-Q. �Registered trademark
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