Identiv Raises $20M to Deliver Trust to the Internet of Things
March 31 2014 - 7:58PM
Identiv (Nasdaq:INVE) today announced that it has entered into a
$20.0 million term loan and line-of-credit agreement through Opus
Bank's Technology Banking Division. The proceeds of the transaction
will be used to retire existing debt and enhance liquidity,
creating a stronger financial platform to accelerate growth.
"We are now focusing on delivering trust solutions for the
rapidly expanding connected world," said Jason Hart, CEO of
Identiv. "Our 'Trust Your World' vision is applicable to billions
of everyday items that demand to be trusted. We are expanding from
a strong base, having shipped product for well over 100 million
everyday items in 2013."
"We could not be more excited about contributing to this shift
in the industry. There is so much potential in the emerging
Internet of Things market and in connecting everyday items," said
Kevin McBride, Senior Managing Director and Head of Opus Bank's
Technology Banking Division. "Identiv is a clear market leader with
its strong capabilities and core competencies, and we are proud to
be joining Identiv on this journey."
About Opus Bank
Opus Bank is an FDIC insured California-chartered commercial
bank with over $3.7 billion of total assets, $2.9 billion of total
loans, and $2.7 billion in total deposits as of December 31, 2013.
Opus Bank provides high-value, relationship-based banking products,
services and solutions to its clients comprised of small and
mid-sized commercial business, entrepreneurs, real estate
investors, professionals and consumers. Opus Bank offers a suite of
treasury and cash management and depository solutions, and a wide
range of loan products, including commercial and industrial,
commercial real estate, multifamily residential, and is an SBA
preferred lender. Opus Bank is an Equal Housing Lender. Opus Bank
operates 60 banking offices, including two banking offices in the
Phoenix metropolitan area of Arizona, 34 banking offices in
California and 24 banking offices in the Seattle/Puget Sound region
of Washington.
About Identiv
Identiv is a global security technology company that establishes
trust in the connected world, including premises, information and
everyday items. CIOs, CSOs and product departments rely upon
Identiv's Trust Solutions to reduce risk, achieve compliance and
protect brand identity. Identiv Trust Solutions are implemented
using standards-driven products and technology, such as digital
certificates, mobility and cloud services. For more information,
visit www.identiv.com.
Note Regarding Forward Looking Information:
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements can be identified by words such
as "anticipates," "believes," "plans," "will," "intends,"
"expects," and similar references to the future. Examples of such
statements include, without limitation, statements we make
regarding our expectation that the proceeds from our loan and
line-of-credit transaction will allow us to create a stronger
financial platform to accelerate growth. Readers should not unduly
rely on these forward-looking statements, which are not a guarantee
of future performance and are subject to a number of risks and
uncertainties, many of which are outside our control, which could
cause our actual business and operating results to differ. Factors
that could cause actual results to differ materially from those in
the forward-looking statements include our ability to implement our
growth strategy, to successfully develop and commercialize new
products and solutions, our ability to meet our sales forecasts,
and our ability to meet financial covenants of our loan agreement.
For a discussion of further risks and uncertainties related to our
business, please refer to our public company reports, including our
Annual Report on Form 10-K for the year ended December 31, 2013 and
subsequent reports filed with the U.S. Securities and Exchange
Commission. All forward-looking statements are based on information
available to us on the date hereof, and we assume no obligation to
update such statements.
CONTACT: Opus Bank Contact:
Jeff L. Leonard
SVP, Dir. of Communications
949-251-8146
Identiv Media Contacts:
Lesley Sullivan/Joann Wardrip
MSLGROUP
781-684-0770
IdentivGroup@mslgroup.com
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