SANTA CLARA, Calif., Sept. 24 /PRNewswire-FirstCall/ --
Applied Imaging Corp. (Nasdaq: AICX) announced that it has extended its
existing loan facility with Silicon Valley Bank, the primary banking
subsidiary of Silicon Valley Bancshares (Nasdaq: SIVB). The loan agreement
provides Applied Imaging with the capability to borrow up to $3.5 million
through September 26, 2004. The amount of borrowing under the loan facility
depends 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 borrowing facility will help fund our expected growth in
sales and related working capital requirements over the next year," said
Applied Imaging CEO Carl Hull. "It provides us with continued financial
flexibility during a period of projected 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, head of Silicon Valley Bank's South Bay region.
"We are impressed with the management team, which has done a remarkable job
navigating through 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 throughout the world for the analysis of chromosomes in cancer
and prenatal disorders. The Company markets a range of imaging systems for
fluorescence and brightfield microscopy applications, including the Company's
Ariol(TM), MDS(TM), SPOT(TM), CytoVision(R), PowerGene(R) and QUIPS(R) product
lines. Applied Imaging has installed in excess of 3,000 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 provides diversified financial services to emerging
growth and mature companies in the technology and life sciences markets, as
well as the premium wine industry. Through its focus on specialized markets
and extensive knowledge of the people and business issues driving them,
Silicon Valley Bank provides a level of service and partnership that
measurably impacts its clients' success. Founded in 1983 and headquartered in
Santa Clara, Calif., the company serves more than 9,500 clients across the
country through 27 regional offices. More information on the company 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 projected sales growth, borrowing 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, detailed in the Company's
periodic filings with the Securities and Exchange Commission including, but
not limited to, those risks and uncertainties listed in the section entitled
"Management's Discussion and Analysis of Financial Condition and Results of
Operations - Factors Affecting Future Results," in Applied Imaging's annual
report on Form 10-K for the year ended December 31, 2002. The forward-looking
statements are made as of September 24, 2003, 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 Jocelyn Hunter, Inquiries, of FRB/Weber
Shandwick, +1-415-248-3433, for Applied Imaging; or Meghan
O'Leary, Director of Public Relations of Silicon Valley
Bancshares, 415-512-4263
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