Procera Networks Secures $3 Million Line of Credit
February 18 2009 - 8:30AM
Marketwired
Procera� Networks Inc. (AMEX: PKT), a developer of Evolved Deep
Packet Inspection (DPI) solutions providing traffic awareness,
control and protection for complex networks, today announced it has
secured a commitment for a line of credit of up to $3 million from
Peninsula Bank Business Funding, a division of The Private Bank of
the Peninsula ("PBFF" or "Bank"), based in Palo Alto, CA. Procera
expects the line of credit will provide it financial flexibility to
fund its future working capital needs, primarily to support
inventory and accounts receivable.
"We view this commitment and the due diligence process involved
as an endorsement of our growth potential, product leadership,
management team and strategy," said James F. Brear, Procera's
President and CEO. "We have been very impressed by the team at The
Private Bank and their understanding of our needs, particularly
given the current nationwide reluctance by banks to extend credit.
We believe our business has reached the point where bank financing
is a prudent next step for funding the short-term working capital
needs posed by our efforts to drive sales growth."
Mike Hansen, Executive Vice President of PBBF, commented, "Our
credit analysis and dialogue with management found that Procera
Networks is well positioned in their market, with good sales
traction and a strong pipeline of customer opportunities. We are
pleased to support Procera in funding their working capital
demands."
About The Private Bank Of The Peninsula and Peninsula Bank
Business Funding
The Private Bank of the Peninsula, a subsidiary of Peninsula
Bank Holding Company (OTCBB: PBKH), is headquartered in Palo Alto,
California. The Private Bank focuses on the banking needs of
businesses, entrepreneurs and business leaders, not-for-profit
organizations and individuals in the greater San Francisco Bay
Area. A true community bank with a team of veteran bankers, The
Private Bank offers access to senior level decision-makers who are
dedicated to helping clients with all their banking and financing
needs. Personalized, responsive, exceptional service is The Private
Bank of the Peninsula's standard.
Peninsula Bank Business Funding ("PBBF"), a division of The
Private Bank of the Peninsula, provides asset based lending
products to emerging growth and venture backed companies throughout
the country.
About Procera Networks Inc.
Procera Networks Inc. delivers Evolved DPI solutions that give
service providers awareness, control and protection of their
applications and networks. Its core product suite, the PacketLogic
line of platforms, leverages the company's advanced identification
engine, DRDL(TM) (Datastream Recognition Definition Language), to
provide accurate identification of network traffic in real-time.
PacketLogic is deployed at more than 600 broadband service
providers, telcos, governments and higher education campuses
worldwide. Founded in 2002, Procera (ASE: PKT) is based in Silicon
Valley and has offices around the globe. More information is
available at www.proceranetworks.com.
Safe Harbor Statement: This press release contains
forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995 (the "Act"). In
particular, when used in this press release, the words "plan,"
"confident that," "believe," "scheduled," "expect," or "intend to,"
and similar conditional expressions are intended to identify
forward-looking statements within the meaning of the Act and are
subject to the safe harbor created by the Act. Such statements are
subject to certain risks and uncertainties and actual results could
differ materially from those expressed in any of the
forward-looking statements. Such risks and uncertainties include,
but are not limited to, the ability of Procera to commercialize the
applicable technology and introduce products and the acceptance of
those products by the market, the ability of resellers to sell the
Procera products, market conditions, the general acceptance of the
Company's products and technologies, competitive factors, timing,
and other risks described in the Company's reports and filings with
the SEC from time to time.
Procera Networks is a registered trademark, and PacketLogic and
DRDL are trademarks of Procera Networks Inc. All rights reserved.
All other products or brands mentioned are trademarks and/or
service marks of their respective owners.
Press Contact: Diana Loredo Procera Networks 408-354-9386
diana.loredo@proceranetworks.com Investor Relations Contact: John
Liviakis Liviakis Financial Communications, Inc. 415-389-4670
john@liviakis.com
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