QuickLogic Secures New $9 Million Revolving Line of Credit
SUNNYVALE, Calif., Oct. 3, 2018 /PRNewswire/ -- QuickLogic Corporation (NASDAQ: QUIK), a developer of ultra-low power multi-core voice enabled SoCs, embedded FPGA (eFPGA) IP, display bridge and programmable logic solutions, entered into a new credit agreement with Heritage Bank of Commerce, for a $9 million revolving line of credit as of September 28, 2018. This new credit facility has a two-year term and replaces the prior $6 million credit facility QuickLogic had with Silicon Valley Bank.
"This facility gives QuickLogic additional flexibility to execute on its strategic initiatives, including our solution and intellectual property roadmaps," stated Sue Cheung, QuickLogic's Chief Financial Officer, "It also provides additional financial assurances to our current and potential new customers."
"We have enjoyed getting to know the team at QuickLogic during our process. We believe they are well positioned for continued growth in a very dynamic market space," said Mike Hansen, SVP & Manager of Heritage Corporate Finance. "And, we look forward to a long-term partnership between our two firms."
The new revolving credit facility will be used by QuickLogic for general corporate purposes, including working capital. The credit agreement runs through September 28, 2020. Terms and Conditions can be found in the Form 8-K to be filed by QuickLogic with the SEC on October 3, 2018.
QuickLogic Corporation (NASDAQ: QUIK) enables OEMs to maximize battery life for highly differentiated, immersive user experiences with Smartphone, Wearable, Hearable and IoT devices. QuickLogic delivers these benefits through industry leading ultra-low power customer programmable SoC semiconductor solutions, embedded software, and algorithm solutions for always-on voice and sensor processing. The company's embedded FPGA initiative also enables SoC designers to easily implement post production changes and increase revenue by providing hardware programmability to their end customers. For more information about QuickLogic, please visit www.quicklogic.com.
The QuickLogic logo and QuickLogic are registered trademarks and ArcticPro is a trademark of QuickLogic Corporation. All other brands or trademarks are the property of their respective holders and should be treated as such.
About Heritage Bank of Commerce
Founded in 1994, Heritage Bank of Commerce is the premier local community business bank based in the heart of the Silicon Valley, with multiple locations throughout the Greater Bay Area. It offers a full range of banking services to all sized businesses using a "Consultative" relationship banking approach, a bank by business people for business people. Over the years, its proven team of professional bankers have put its experience and commitment to work, offering premier, high-touch service, and innovative, targeted solutions to build long-term relationships with its clients.
Its service offering covers a wide range of specialties, including Construction Lending, Factoring, and Cash Management. They are a Preferred Lender with SBA. In addition, they offer guaranteed loans through the USDA B&I program and State of California. For more information about Heritage Bank of Commerce please visit www.heritagebankofcommerce.bank
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SOURCE QuickLogic Corporation
Released October 3, 2018