Source: EdgeWave, Inc.
June 07, 2007 06:00 ET
St. Bernard Secures $4 Million Credit Facility From SVB Silicon Valley Bank
SAN DIEGO, CA--(Marketwire - June 7, 2007) - St. Bernard Software, Inc. (OTCBB : SBSW ), a
global provider of security and hosted office solutions for small and
midsize businesses (SMBs), announced today the completion of a $4 million
credit facility with SVB Silicon Valley Bank (NASDAQ : SIVB ). The deal
consists of a $2 million revolving line of credit and a $2 million term
loan that will be used to replace a $1.2 million existing credit facility
and provide access to additional working capital to support the company's
growth.
"We are pleased with the confidence that SVB Silicon Valley Bank has shown
in our growing business," said Vince Rossi, president and CEO of St.
Bernard Software. "This new credit facility is an important resource that
will be used to support our growth in 2007, and beyond. We have built a
strong foundation for growth and are excited about the opportunities that
lie ahead for St. Bernard."
"We work hard to provide our technology clients, like St. Bernard, with
unique financial solutions to help them achieve their goals," said Derek
Brunelle from SVB Silicon Valley Bank's Irvine office. "We look forward to
providing the company the financial resources it needs to continue to grow
and strengthen its position in the IT solutions market."
St. Bernard focuses on delivering enterprise-grade message security
solutions that allow IT professionals to run their business efficiently.
St. Bernard's products, iPrism and LivePrism, are specifically designed to
be up and running quickly and can be customized to customer's financial,
technical and IT resource needs. iPrism, St. Bernard's dedicated Internet
filtering appliance, continues to generate significant customer adoption as
it grew 55 percent year-over-year in billings in the first quarter of 2007.
The company is equally excited about the recent launch of its on-demand
messaging security service, LivePrism, which offers hosted email, Web and
instant messaging filtering and archiving services designed to meet the
needs of small to medium businesses.
About SVB Silicon Valley Bank
SVB Silicon Valley Bank provides commercial banking services to emerging
growth and mature companies in the technology, life science, private equity
and premium wine industries. Through its focus on specialized markets and
extensive knowledge of the people and business issues driving them, SVB
Silicon Valley Bank provides a level of service and partnership that
measurably impacts its clients' success. Founded in 1983 and headquartered
in Santa Clara, Calif., the company serves clients around the world through
27 U.S. offices and three international operations. SVB Silicon Valley Bank
is a member of global financial services firm SVB Financial Group, with SVB
Alliant, SVB Analytics, SVB Capital, SVB Global and SVB Private Client
Services. More information on the company can be found at www.svb.com .
Disclaimer:
SVB Silicon Valley Bank refers to Silicon Valley Bank, the California bank
subsidiary and the commercial banking operation of SVB Financial Group.
Banking services are provided by Silicon Valley Bank, a member of the FDIC
and the Federal Reserve. SVB Private Client Services is a division of
Silicon Valley Bank. SVB Financial Group is also a member of the Federal
Reserve.
About St. Bernard
St. Bernard Software, Inc. (OTCBB : SBSW ) is a global provider of
comprehensive security and hosted office solutions for small and midsize
businesses (SMBs). St. Bernard also provides the SMB market with a broad
range of flexible and integrated hosted solutions, including secure content
management, messaging continuity and collaboration.
The company's award-winning products deliver innovative security solutions
that offer the best combination of ease-of-use, performance and value.
Established in 1995 with headquarters in San Diego, CA and international
offices in the United Kingdom, Australia and the Netherlands, St. Bernard
sells and supports its products directly and through solution partners
worldwide. For more information, please visit www.stbernard.com .
©2007 St. Bernard Software, Inc. All rights reserved. The St. Bernard
Software logo, LivePrism, iPrism and Open File Manager are trademarks of
St. Bernard Software, Inc. All other trademarks and registered trademarks
are hereby acknowledged.
This press release may contain forward-looking statements that involve
risks and uncertainties, as well as assumptions that, if they prove
incorrect, could cause our results to differ materially from those
expressed or implied by such statements. All statements other than
statements of historical fact are statements that could be deemed
forward-looking statements, including, among other things, any projections
of earnings, revenues, or other financial items; any statements of the
plans, strategies, and objectives of management for future operations; any
statements concerning proposed new products, services, or developments; any
statements regarding future economic conditions or performance; statements
of belief and any statement of assumptions underlying any of the foregoing.
The risks, uncertainties and assumptions referred to above include, among
other things, performance of contracts by customers and partners; employee
management issues; the timely development, production and acceptance of
products and services and their feature sets; the challenge of managing
asset levels, including inventory; the flow of products into third-party
distribution channels; and the difficulty of keeping expense growth at
modest levels while increasing revenues. These and other risks and factors
that could cause events or our results to differ from those expressed or
implied by such forward-looking statements are described in our most recent
annual report on Form 10-KSB, as well as other subsequent filings with the
Securities and Exchange Commission. We assume no obligation and do not
intend to update these forward-looking statements.
Contact Information: Investor Contact:
Marie Dagresto or Todd Kehrli
MKR Group, Inc.
(323) 468-2300
sbsw@mkr-group.com
Al Riedler
St. Bernard
(858) 524-2050
ariedler@stbernard.com