SANTA CLARA, Calif., Sept. 4 /PRNewswire-FirstCall/ --
Applied Imaging Corp. (Nasdaq: AICX) announced that it has extended and
expanded its existing loan facility with Silicon Valley Bank. The amended loan
agreement provides Applied Imaging with an increase in borrowing capability to
$3.5 million from the existing $2 million and is extended by an additional
year through September 27, 2003. The amount of borrowing under the loan
facility is based on the level of Applied Imaging's North American trade
receivables.
"We are pleased to continue our long-standing relationship with Silicon
Valley Bank. The amended loan agreement allows us to fund our expected growth
in sales and related working capital requirements in a cost-effective way,"
said Applied Imaging CEO Carl Hull. "It provides us with additional financial
flexibility during a period of rapid growth for the Company."
"We are delighted to continue our strong relationship with Applied Imaging
and support the Company as it continues to expand and grow its business
worldwide," said Ash Lilani, Region Manager of Silicon Valley Bank's South Bay
region. "We are impressed with the management team who has done a remarkable
job navigating the Company in this economic environment."
About Applied Imaging
Applied Imaging Corp., based in Santa Clara, California, is the leading
supplier of automated imaging systems utilized in genetics and pathology
laboratories for the analysis of chromosomes in cancer and prenatal disorders.
The Company markets a range of clinical and research imaging systems for
fluorescence and brightfield microscopy applications, including the Company's
MDS(TM), SPOT AX(TM), CytoVision(R), PowerGene(R) and QUIPS(R) product lines.
Applied Imaging has installed in excess of 2,500 systems in over 1,000
laboratories in more than 60 countries. For additional information on Applied
Imaging visit the Company's Web site at http://www.aicorp.com.
About Silicon Valley Bank
Silicon Valley Bank serves emerging growth and middle-market companies in
targeted niches, focusing on technology and life sciences, while also
addressing other specific industries in which it can provide a higher level of
service and better manage credit through specialization and focus. The Bank
has 11 offices throughout California and operates regional offices across the
country, including in Arizona, Colorado, Florida, Georgia. Illinois,
Massachusetts, Minnesota, New York, North Carolina, Oregon, Pennsylvania,
Texas, Virginia and Washington. More information on the Bank can be found at
http://www.svb.com.
This press release contains forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995, regarding, among other
matters, Applied Imaging's expected sales growth, rate of growth and working
capital requirements. Applied Imaging's actual results could differ materially
from those anticipated in these forward-looking statements as a result of a
number of risks, uncertainties and other factors, including, but not limited
to, those discussed in the Applied Imaging's filings with the Securities and
Exchange Commission, including the amended Form 10-K for the year ended
December 31, 2001 as filed with the Securities and Exchange Commission on July
25, 2002. The forward-looking statements are made as of September 4, 2002, and
Applied Imaging is under no obligation to revise or update the forward-looking
statements.
SOURCE Applied Imaging Corp.
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Related links:
http://www.aicorp.com
CONTACT:
Barry Hotchkies, CFO of Applied Imaging
Corp., +1-408-562-0250; or Meghan O'Leary, Director of Public
Relations of Silicon Valley Bank, +1-408-654-6364; or James Hoyne
(Investor/Media), or Pam Roberts (General), both of FRB/Weber
Shandwick, +1-415-986-1591, for Applied Imaging IR
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