ClearStar,Inc. Working capital facility with Silicon Valley Bank (5199U)
October 25 2017 - 1:00AM
UK Regulatory
TIDMCLSU TIDMTTM
RNS Number : 5199U
ClearStar,Inc.
25 October 2017
25 October 2017
ClearStar, Inc.
("ClearStar" or the "Company")
ClearStar secures working capital facility with Silicon Valley
Bank
ClearStar, Inc. (AIM: CLSU), the technology and service provider
to the background check industry, is pleased to announce that it
has secured a recurring revenue credit facility (the "Facility")
with Silicon Valley Bank for up to $5 million. The Facility will
mature on 19 October 2019 and any funds drawn down are subject to
interest at competitive market rates.
The funds available through the Facility will be used for
working capital purposes to support the growth of the business, and
facilitate the Company in capitalising on the opportunities that it
continues to develop particularly in direct services and medical
information services.
Robert Vale, CEO of ClearStar, commented: "We are pleased to
have received this funding from such a prestigious financial
institution as we continue to receive increasing demand for our
technologically-differentiated solutions, particularly for medical
information services and directly from large corporates. This
agreement with Silicon Valley Bank, which has a significant track
record of supporting technology businesses, reflects their
confidence in our potential and we look forward to deploying this
capital to deliver sustained revenue growth."
Dale Kirkland, managing director for Silicon Valley Bank, added:
"We are excited to begin working with Clearstar, and we are
impressed with their rapid transition from a white label solution
to a direct solution to some of the world's largest companies in
their respective sectors. We're pleased to support the ClearStar
team as the Company continues to progress and expand into new
markets."
Enquiries
ClearStar, Inc.
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Robert J. Vale, Chief Executive
Officer
David Pattillo, Chief Financial
Officer +1 770 416 1900
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finnCap Ltd.
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Jonny Franklin-Adams, Simon
Hicks - Corporate Finance
Andrew Burdis, Abigail Wayne
- Corporate Broking +44 20 7220 0500
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Luther Pendragon Ltd.
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Harry Chathli, Claire Norbury +44 20 7618 9100
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About ClearStar
ClearStar, Inc. is a leading and trusted background check
technology, medical screening, strategic services, and
decision-making information provider to employers and background
screening companies.
A seven-time Inc. 5000 honouree and founding member of the
National Association of Professional Background Screeners,
ClearStar has provided innovative technology solutions to
businesses in the human capital management industry from its
corporate offices in Alpharetta, Georgia since 1995. For more
information about ClearStar, please visit: www.clearstar.net.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped
innovative companies and their investors move bold ideas forward,
fast. SVB provides targeted financial services and expertise
through its offices in innovation centers around the world. With
commercial, international and private banking services, SVB helps
address the unique needs of innovators. Learn more at
www.svb.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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