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.
About QuickLogic
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
Code: QUIK-G
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SOURCE QuickLogic Corporation