Avamar Secures $5 Million Credit Facility and Additional Equity Financing from Western Technology Investment.Business Editors/High-Tech Writers IRVINE, Calif.--(BUSINESS WIRE)--Nov. 19, 2003 Avamar Technologies Inc., a leading provider of innovative disk-based data protection solutions, announced today it secured a $5 million credit facility to assist in funding its growth, equipment and working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. . The credit financing was arranged with Western Technology Investment (WTI WTI West Texas Intermediate WTI Western Transportation Institute (Montana State University) WTI World Tribunal on Iraq WTI With The Idea (used in chess to point to the idea behind a specific move) ), a leading provider of asset-based debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay for emerging growth companies. In addition to this credit facility, Western Technology Investment also made an equity investment in Avamar. "We are pleased to have Western Technology Investment join the Avamar team and are especially encouraged by their decision to become an equity shareholder," said Mark de Raad, Chief Financial Officer of Avamar. "This credit facility will allow Avamar the opportunity to take advantage of many business development opportunities, and it will assist in financing Avamar's anticipated revenue growth." This new $5 million credit facility follows the company's April, 2003, Series D equity funding Equity funding An investment consisting of a life insurance policy and a mutual fund. The insurance policy is paid by the collateral value of fund shares, giving the investor the advantages of insurance protection with the growth potential of a mutual fund. of $13 million, which was led by Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. . Other Avamar investors include CMGI CMGI Commonly Maintained Grounds Infrastructures CMGI College Marketing Group Information (Services) @Ventures, Benchmark Capital and Lightspeed. According to Ron Swenson, Investment Partner of WTI: "We are very excited about Avamar and its unique position within the data backup and restore marketplace. The company's technology, strengthened financial base and management team make the company an attractive investment for WTI. We look forward to a long and mutually beneficial relationship." About Western Technology Investment Western Technology Investment (WTI) is a leading provider of asset-based debt financing for emerging growth companies. Over the past 23 years, WTI has provided financing to over 500 companies backed by top tier venture firms. Portfolio companies include Brocade Communications, IDEC IDEC Instituto Brasileiro de Defesa do Consumidor (Portugese: Brazilian Consumer Protection Agency) IDEC Information Design & End-User Computing IDEC Interior Design Educators Council, Inc. Pharmaceuticals, Juniper Networks, Corvis, Cerent, New Focus and Google. For additional information, go to www.westerntech.com. About Avamar Avamar is leading a new wave of innovative solutions that deliver increased value for data backup, restore and disaster recovery. Founded in Irvine in 1999, Avamar provides enterprises with data management solutions to control the information explosion. Avamar Axion ax·i·on n. A hypothetical boson having no charge or spin and small mass, proposed to explain the existence of certain symmetries of the strong nuclear force. [axi(al) + -on1.] is a scalable appliance that provides online accessibility, while storing and protecting data with maximum efficiency. For additional information on Avamar and the Avamar Alliance Program, go to: www.avamar.com. Note to Editors: Avamar, Avamar Technologies, the Avamar logo, Axion, RAIN and Snapup are trademarks or registered trademarks of Avamar Technologies Inc. in the United States and/or other countries. All other product names and/or slogans mentioned herein may be trademarks or registered trademarks of their respective companies. |
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