RADCOM Raises US$2.5m Credit Facility From Plenus Venture Lending
April 15 2008 - 7:00AM
PR Newswire (US)
TEL AVIV, Israel, April 15 /PRNewswire-FirstCall/ -- RADCOM Ltd.
(RADCOM) (NASDAQ and TASE:RDCM), a leading network test and service
monitoring solutions provider, today announced that it has been
granted a US$2.5 million credit facility by Plenus, a leading
Israeli Venture Lending fund. The credit facility bears a fixed
annual interest rate of 10% and is for a period of three years. Mr.
David Ripstein, RADCOM's President and CEO, said, "Plenus strategic
credit facility is the final step in the turnaround plan that we
have been following for the past two quarters, an effort that has
returned the company to firm control and moved us forward on a path
of growth. Plenus credit line, together with the US$2.5 million
PIPE transaction that we closed earlier in the year, gives us the
capital we need to carry out our strategies for taking the company
to the next level. We are grateful to Plenus for their vote of
confidence and look forward to a fruitful long-term partnership."
Lee-Bath Nelson, Plenus' General Partner stated: "We are pleased to
add RADCOM to the Plenus portfolio family. We were impressed by
RADCOM's management, which has led the Company through a
challenging turnaround and is now implementing strategies that have
returned it to growth. We are also impressed by the steadfast
support demonstrated by the Company's investors, led by Zohar
Zisapel ." About Plenus Plenus, an affiliate of Viola Partners, is
the only Israeli Venture Lending Fund providing credit facilities
to revenue stage technology companies. Plenus currently manages
over US$300m and is backed by Israel's largest financial
institutions as well as US based investors. To date, the fund has
provided its portfolio companies credit facilities totaling over
US$200m in over 50 deals and has participated in 9 significant
exits. Plenus' portfolio companies include Broadlight, CyberArk,
Expand, RedBend, and Wintegra. Alongside Plenus Venture Lending,
Plenus also manages Plenus Mezzanine, aimed at the non-high-tech
middle market in Israel. For more information on Plenus, please
visit http://www.plenus.co.il/ Plenus is an affiliate of the Viola
Partners Group, a leading innovative private equity investment
group with over US$1.5B under management, focused on
technology-based growth opportunities in Israel. About RADCOM
RADCOM develops, manufactures, markets and supports innovative
network test and service monitoring solutions for communications
service providers and equipment vendors. The Company specializes in
Next Generation Cellular as well as Voice, Data and Video over IP
networks. Its solutions are used in the development and
installation of network equipment and in the maintenance of
operational networks. The Company's products facilitate fault
management, network service performance monitoring and analysis,
troubleshooting and pre-mediation. RADCOM's shares are listed on
both the Nasdaq Capital Market and the Tel Aviv Stock Exchange
under the symbol RDCM. For more information, please visit
http://www.radcom.com/. Risks Regarding Forward-Looking Statements
Certain statements made herein that use the words "estimate,"
"project," "intend," "expect," "'believe" and similar expressions
are intended to identify forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements involve known and unknown risks
and uncertainties that could cause the actual results, performance
or achievements of the Company to be materially different from
those that may be expressed or implied by such statements,
including, among others, changes in general economic and business
conditions and specifically, decline in the demand for the
Company's products, inability to timely develop and introduce new
technologies, products and applications, and loss of market share
and pressure on prices resulting from competition. For additional
information regarding these and other risks and uncertainties
associated with the Company's business, reference is made to the
Company's reports filed from time to time with the United States
Securities and Exchange Commission. The Company does not undertake
to revise or update any forward-looking statements for any reason.
Contact: Jonathan Burgin CFO +972-3-645-5004 DATASOURCE: RADCOM Ltd
CONTACT: Contact: Jonathan Burgin, CFO, +972-3-645-5004,
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