|
|
|
|
|
Oakland, CA, Mar 24, 2016 - (ACN Newswire) - Zhone Technologies, Inc. (NASDAQ: ZHNE), a global leader in the fiber access market, today announced that Zhone entered into an amendment of its existing senior secured revolving credit facility with Wells Fargo Bank, National Association, which among other matters extended the maturity date of the facility from March 31, 2016 to March 31, 2019. The amendment also changed the financial covenants in the facility and reduced the interest rate margin. Under the facility, Zhone may borrow up to $25.0 million, with the amount Zhone is able to borrow based on eligible accounts receivable and inventory.
"The extension of our credit facility allows us to continue making investments in our industry leading technologies," stated Kirk Misaka, chief financial officer of Zhone. "Our partnership with Wells Fargo enables us to grow through innovation."
"We are very pleased to continue our relationship with Zhone Technologies," said Gary Harrigian, senior vice president of Wells Fargo Capital Finance. "The extended credit facility will allow them the financial flexibility to make strategic business decisions. It's important to Wells Fargo Capital Finance to support our clients and help our clients succeed financially."
Zhone Investor Relations
Tel: +1-510-777-7013
Fax: +1-510-777-7001
E: investor-relations@zhone.com
Zhone Public Relations
Tel: +1-760-814-8194
E: carla.vallone@portavocepr.com
About Zhone Technologies
Zhone Technologies, Inc. (NASDAQ: ZHNE) is a global leader in fiber access transformation for service provider and enterprise networks, serving more than 750 of the world's most innovative network operators. The IP Zhone is the only solution that enables service providers to build the network of the future today, supporting end-to-end Voice, Data, Entertainment Social Media, Business, Mobile Backhaul and Mobility service. Zhone is committed to building the fastest and highest quality All IP Multi-Service solution for its customers. Zhone is headquartered in California and its products are manufactured in the USA in a facility that is emission, waste-water and CFC free. www.zhone.com
About Wells Fargo Capital Finance
Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others. For more information, visit wellsfargocapitalfinance.com.
Forward-Looking Statements
This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements are based on current expectations, estimates, forecasts, and projections about the industries in which Zhone operates and the beliefs and assumptions of Zhone's management. Words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "goal," "intend," "may," "plan," "project," "seek," "should," "target," "will," "would," variations of such words, and similar expressions are intended to identify forward-looking statements. In addition, forward-looking statements include, among others, statements that refer to projections of future growth, profitability, revenue, margins, expenses or other financial items; anticipated growth and trends in Zhone's business or key markets; future economic conditions; plans, objectives and strategies for future investments and operations; and other characterizations of future events or circumstances. Readers are cautioned that actual results may differ materially and adversely from those expressed in any forward-looking statements. Factors that might cause such a difference include, but are not limited to, the ability to generate sufficient revenue to achieve or sustain profitability, the ability to raise additional capital to fund existing and future operations or to refinance or repay Zhone's existing indebtedness, defects or other performance problems in Zhone's products, the economic slowdown in the telecommunications industry that has restricted the ability of Zhone's customers to purchase Zhone's products, commercial acceptance of Zhone's SLMS products in its core and FiberLAN businesses, intense competition in the communications equipment market from large equipment companies as well as private companies with products that address the same networks needs as Zhone's products, and higher than anticipated expenses that Zhone may incur.
In addition, please refer to the risk factors contained in the Company's SEC filings available at www.sec.gov, including without limitation, the Company's annual report on Form 10-K for the year ended December 31, 2015. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements for any reason.
Zhone, the Zhone logo, and all Zhone product names are trademarks of Zhone Technologies, Inc. Other brand and product names are trademarks of their respective holders. Specifications, products, and/or products names are all subject to change without notice.
###
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Zhone Technologies, Inc via Globenewswire
Topic: Press release summary
Source: Zhone Technologies
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
|
|
|
|
|
|
|
