IncrediMail Secures $20 Million Credit Facility
September 07 2011 - 6:00AM
Business Wire
IncrediMail Ltd. (NASDAQ:MAIL), a digital media company
that provides products and services to consumers to help make their
everyday life simpler and more enjoyable, today announced the
signing of agreements to secure a credit facility for up to $20
million of financing. The facility offers IncrediMail the ability
to be opportunistic when addressing future acquisitions while cash
reserves are replenished from on-going operations.
“We have been exploring a number of financing options to keep
our long-term capital structure strong and have decided to take
advantage of a competitive debt market and capitalize on favorable
financing terms to remain opportunistic with our growth,” said
Josef Mandelbaum, IncrediMail’s CEO.
The credit facility is comprised of a $12 million line of credit
provided by Bank Leumi Le-Israel, Israel’s leading bank, and an $8
million line provided by First International Bank of Israel. The
repayment of the debt is structured over four and five years
respectively, and the Company has an option for early
re-payment.
About IncrediMail Ltd.
Founded in 2000, IncrediMail Ltd. (NASDAQ:MAIL) is a digital
media company that provides products and services to consumers to
help make their everyday life simpler and more enjoyable. Focusing
on an underserved market of second wave adapters who value
their time online, IncrediMail offers a growing portfolio of
easy-to-use products. The Company’s products include: IncrediMail
Premium, an award winning e-mail product sold in over 100 countries
in 10 different languages; Smilebox, a leading photo sharing
product and service that lets customers quickly turn life’s moments
into digital creations to share and connect with friends and family
in a fun and personal way; and PhotoJoy, a photo discovery and
sharing screensaver & wallpaper product. For more information
on IncrediMail Ltd. (NASDAQ:MAIL), visit
www.incredimail-corp.com.
Forward Looking Statements
This press release contains historical information and
forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995 with respect to the
business, financial condition and results of operations of the
Company. The words “believe,” “expect,” “intend,” “plan,” “should”
and similar expressions are intended to identify forward-looking
statements. Such statements reflect the current views, assumptions
and expectations of the Company with respect to future events and
are subject to risks and uncertainties. Many factors could cause
the actual results, performance or achievements of the Company to
be materially different from any future results, performance or
achievements that may be expressed or implied by such
forward-looking statements, including, among others, changes in the
markets in which the Company operates and in general economic and
business conditions, loss of key customers and unpredictable sales
cycles, competitive pressures, market acceptance of new products,
inability to meet efficiency and cost reduction objectives, changes
in business strategy and various other factors, both referenced and
not referenced in this press release. Various risks and
uncertainties may affect the Company and its results of operations,
as described in reports filed by the Company with the Securities
and Exchange Commission from time to time. The Company does not
assume any obligation to update these forward-looking
statements.
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