CAMBRIDGE, Mass. (May 30, 2007) --“As we continue to transform Vertical and execute our growth strategy, it is important to establish a banking and lending relationship with a partner familiar with our industry and our business plan,” said Bill Tauscher, chairman and chief executive officer. “The new line of credit facility with SVB Silicon Valley Bank allows us to pay off a higher cost short-term obligation and provides us with improved flexibility to manage our working capital requirements into the future.”
"SVB is proud of Vertical's success thus far," said Irina Case, senior relationship manager, SVB Silicon Valley Bank. "We look forward to a continued partnership with Vertical and providing them with the resources they need to support their growth trajectory."
About SVB Silicon Valley Bank
SVB Silicon Valley Bank provides commercial banking services to emerging growth and mature companies in the technology, life science, private equity and premium wine industries. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, SVB Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients’ success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves clients around the world through 27 U.S. offices and three international operations. SVB Silicon Valley Bank is a member of global financial services firm SVB Financial Group, with SVB Alliant, SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at www.svb.com.
SVB Silicon Valley Bank refers to Silicon Valley Bank, the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve. SVB Private Client Services is a division of Silicon Valley Bank. SVB Financial Group is also a member of the Federal Reserve.
About Vertical Communications
Vertical Communications, Inc. is a leading provider of next-generation IP-based voice and data communications systems for business. Vertical combines voice and data technologies with business process understanding to deliver integrated IP-PBX and application solutions that enhance customer service and business productivity. Vertical’s customers are leading companies of all sizes and include CVS/pharmacy, Staples and Apria Healthcare. Vertical is headquartered in Cambridge, Mass. and delivers its solutions through a worldwide network of systems integrators, business partners and distributors. For more information, please visit www.vertical.com.
Financial Community Contact
Ken Clinebell
Vertical Communications, Inc.
kclinebell@vertical.com
941-554-5000 x1513
Press Contact:
Stephanie Fox Muller
Vertical Communications, Inc.
sfoxmuller@vertical.com
617-354-0600 x4160
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995.
This release contains forward-looking statements based on current expectations or beliefs, as well as a number of assumptions about future events, and these statements are subject to important facts and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The forward-looking statements in this release address a variety of subjects, including, without limitation, our belief that past sales increases are indicators of positive momentum in the IP-PBX and voice applications market and the improved flexibility of the new line of credit. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: the risk that past sales increases do not provide accurate indicators of future momentum in the IP-PBX and voice applications market, the risk that the Company may fail to achieve the anticipated benefits from the new line of credit and other factors detailed in the Company's filings with the Securities and Exchange Commission including its most recent filings on Form 10-Q.
Trademark Information
Vertical Communications and the Vertical Communications logo and combinations thereof are trademarks of Vertical Communications, Inc. All other brand and product names are used for identification only and are the property of their respective holders.