CLI Obtains $15 Million Credit Facility with Subsidiary of Nations Bank, Greyrock Business Credit.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--June 7, 1996--Compression Labs Inc. (CLI (1) (Call Level Interface) A database programming interface from the SQL Access Group (SAG), an SQL membership organization. SAG's CLI is an attempt to standardize the SQL language for database access. ) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CLIX) today announced the signing of a $15 million credit facility with Greyrock Business Credit (Greyrock), a subsidiary of Nations Bank, the fourth largest commercial bank in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . "This new $15 million credit facility offers greater flexibility to support and finance CLI's future growth than our existing line of credit. Selecting Greyrock resulted from our renewal process to replace the existing line which was due to expire shortly," said Michael E. Seifert, CLI vice president of finance. "Greyrock's management team has been knowledgeable about CLI's business for several years, and we believe their understanding of our business makes them an ideal financial partner for us," Seifert added. "We are pleased in adding CLI, a premier provider of television-quality videoconferencing systems, as a client to our portfolio of technology companies, and believe we can provide CLI necessary sources of funding as the Company expands it business," said Richard Suhl, managing director of Greyrock. "We are excited about and have confidence in CLI's efforts to turn its business around," he added. Greyrock Business Credit, based in El Segundo El Segundo (ĕl sēgŭn`dō), industrial city (1990 pop. 15,223), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1917. Its products include navigation and computer systems, aircraft parts, office machines, telephone apparatus, and , Calif., specializes in asset-based financing Asset-based financing Methods of financing in which lenders and equity investors look principally to the cash flow from a particular asset or set of assets for a return on, and the return of, their financing. for venture stage and technology companies throughout the United States. CLI, based in San Jose, is a leading provider of television-quality videoconferencing solutions for business, government, education and healthcare organizations. Founded in 1976, CLI has sales offices across the United States, with international offices in Asia and Europe and distributors serving more than 50 countries worldwide. CONTACT: Compression Labs Inc. Joyce Strand, 408/922-4610 http://www.clix.com or Greyrock Business Credit Richard Suhl, 310/335-9770 |
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