QuickLogic Increases Revolving Line of Credit to $15 Million
SUNNYVALE, Calif., Dec. 28, 2018 /PRNewswire/ -- QuickLogic Corporation (NASDAQ: QUIK), a developer of ultra-low power multi-core voice enabled SoCs, embedded FPGA (eFPGA) IP, display bridge, programmable logic solutions and Endpoint AI solutions, amended its Loan and Security Agreement with Heritage Bank of Commerce on December 21, 2018. The amendment increased the revolving line of credit from $9 million to $15 million.
"This increased facility provides us with more liquidity and flexibility in working capital. It also gives QuickLogic greater ability to execute on its expanding strategic initiatives, including the company's newly announced QuickAI platform and evolving intellectual property roadmaps," stated Sue Cheung, QuickLogic's Chief Financial Officer.
The increased 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 December 28, 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.
QuickLogic uses its website (www.quicklogic.com), the company blog QuickLogic HotSpot (http://blog.quicklogic.com), corporate Twitter account (@QuickLogic_Corp), Facebook page (https://www.facebook.com/QuickLogic), and LinkedIn page (https://www.linkedin.com/company/13512/) as channels of distribution of information about its products, its planned financial and other announcements, its attendance at upcoming investor and industry conferences, and other matters. Such information may be deemed material information, and QuickLogic may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor the company's website and its social media accounts in addition to following the company's press releases, SEC filings, public conference calls, and webcasts.
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.
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SOURCE QuickLogic Corporation
Released December 28, 2018