CalAmp Completes Second Round of Subordinated Debt Financing
January 19 2010 - 6:00AM
Marketwired
CalAmp Corp. (NASDAQ: CAMP), a leading provider of wireless
products, services and solutions, announced today that it has
completed a second round of subordinated debt financing totaling
$3.075 million. This supplements aggregate financing proceeds
announced last month of $14 million, comprised of the initial
drawdown of a new revolving credit facility, the private placement
of common stock and the first round issuance of subordinated debt.
The second round subordinated notes, which were sold on the same
terms and conditions as the $1.925 million of subordinated notes
issued last month, bear interest at 12% per annum and mature on
December 22, 2012. CalAmp also issued a total of 307,500 common
stock purchase warrants to the second round subordinated note
investors at an exercise price of $4.02 per share.
Rick Gold, President and CEO of CalAmp, commented, "These
additional financing proceeds will provide us with more flexibility
in funding our working capital requirements as we move forward to
execute on our plan to achieve profitable growth in our served
markets."
About CalAmp Corp.
CalAmp provides wireless communications solutions that enable
anytime/anywhere access to critical data and content. The Company
serves customers in the public safety, industrial monitoring and
controls, mobile resource management and direct broadcast satellite
markets. For more information, please visit www.calamp.com.
AT THE COMPANY: Rick Vitelle Chief Financial Officer (805)
987-9000 AT FINANCIAL RELATIONS BOARD: Lasse Glassen General
Information (213) 486-6546 Email Contact
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