Metalink Draws Down $2.25 Million Under Short Term Secured Loan
January 05 2009 - 2:00PM
PR Newswire (US)
YAKUM, Isael, January 5 /PRNewswire-FirstCall/ -- Metalink Ltd.
(NASDAQ: MTLK), a global provider and developer of high-performance
wireless and wireline broadband communication silicon solutions,
today announced that it has drawn down $2.25 million under its
previously announced short term secured loan agreement with an
institutional investor. Concurrently with the draw down of the
$2.25 million, Metalink and the lender entered into an amendment to
the loan agreement, whereby Metalink shall receive the loan of $4.5
million contemplated in the original loan agreement to be provided
in one tranche, in two tranches of $2.25 million each - the first
partial tranche which was provided immediately, and a second
tranche which shall be provided at the request of Metalink, within
60 days following the completion of certain terms and conditions
which must occur on or before June 30, 2009. Additional details
regarding the amendment to the loan agreement, including a copy of
the amendment, are included in the Company's Report on Form 6-K
that is being filed today with the Securities and Exchange
Commission (SEC). Rodman & Renshaw, LLC, a subsidiary of Rodman
& Renshaw Capital Group, Inc. (NASDAQ:RODM) acted as the
exclusive placement agent for the loan. About Metalink Metalink
Ltd. (NASDAQ:MTLK) is a provider of high performance broadband
communication silicon solutions. Metalink's WLAN and DSL
technologies are designed to enable true broadband connectivity in
every home, and its products revolutionize the broadband experience
by facilitating the convergence of telecommunication, networking
and entertainment. Metalink's WLANPlus(TM) is a high-throughput,
802.11n-draft-compliant wireless LAN technology optimized for the
networked home entertainment environment. Featuring advanced MIMO
technology and full support of QoS, and operating in both 2.4GHz
and 5GHz bands, WLANPlus enables multi-room networking of multiple
high-definition video streams. In addition, Metalink offers a broad
range of symmetric DSL and VDSL products used by operators as a
cost-effective network upgrade to support triple-play services.
Safe Harbor Statement This press release contains "forward looking
statements" within the meaning of the United States securities
laws. Words such as "aim," "expect," "estimate," "project,"
"forecast," "anticipate," "intend," "plan," "may," "will," "could,"
"should," "believe," "predicts," "potential," "continue," and
similar expressions are intended to identify such forward-looking
statements. Because such statements deal with future events, they
are subject to various risks and uncertainties that could cause
actual results to differ materially from those in the forward
looking statements. Factors that could cause or contribute to such
differences include, but are not limited to: our need to raise
additional funds in order for us to implement our current business
plan, including our liquidity requirements, which funds may not be
available to us; our inability to regain compliance with Nasdaq's
listing requirements; any unforeseen developmental or technological
difficulties with regard to our products; changes in the
competitive landscape, including new competitors or the impact of
competitive pricing and products; and the impact on revenues of
economic and political uncertainties and weaknesses in various
regions of the world, including the commencement or escalation of
hostilities or acts of terrorism. Additional factors that could
cause actual results to differ materially from these
forward-looking statements are set forth from time to time in
Metalink's filings with the Securities and Exchange Commission,
including Metalink's Annual Report in Form F-20. Readers are
cautioned not to place undue reliance on forward-looking
statements. Except as required by applicable law, the Company
undertakes no obligation to republish or revise forward-looking
statements to reflect events or circumstances after the date hereof
or to reflect the occurrences of unanticipated events. The Company
cannot guarantee future results, events, and levels of activity,
performance, or achievements. Further information is available at
http://www.mtlk.com/ DATASOURCE: Metalink Ltd CONTACT: Yuval
Ruhama, CFO, Metalink Ltd., Tel: +972-9-9605395, Fax:
+972-9-9605544,
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