| Wed 25 Jun 2003, 12:13 | | FrontRange secures $6m revolving line of credit fr |
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FrontRange Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/009928/06)
Share code : FRO ISIN : ZAE000035325
("FrontRange")
NEWS RELEASE
25 JUNE 2003
FrontRange secures $6m revolving line of credit from Silicon Valley Bank
FrontRange Limited, the JSE-listed owner of FrontRange Solutions, Inc.,
announced today that the US-based subsidiary has been granted a $6-million
revolving line of credit by Silicon Valley Bank.
While FrontRange already possesses significant cash reserves, this move provides
additional working capital to support the company"s growth and overall business
strategy.
Silicon Valley Bank, headquartered in Santa Clara, California, provides
diversified financial services to emerging growth and mature companies in the
technology and life sciences markets.
"We are pleased to work with a financial partner that understands the needs of
an established software developer looking to significantly grow our business,"
says John Hillyard, chief financial officer of FrontRange Solutions, Inc.
"Silicon Valley Bank provides us with a broad range of product offerings and the
proven financial experience we require to move forward."
Says Mike Devery, senior vice president and market manager of Silicon Valley
Bank"s Boulder office: "We are delighted to be working with FrontRange
Solutions, a forward-looking, high-potential company, with a large and loyal
customer base. FrontRange is providing industry leadership with innovative
software solutions that will meet the needs of its customers now and into the
future.
"We look forward to supporting FrontRange with our full suite of banking
services as the business grows both domestically and internationally," says
Devery.
ENDS
About FrontRange Solutions
Founded in 1989, FrontRange Solutions develops software and solutions that allow
organizations to deliver extraordinary Customer Management using world-class
Service and Support, Sales and Marketing, Contact Management technology. The
company employs approximately 500 people and has more than one million users
worldwide. Headquarters are located in Colorado Springs, Colorado, with
worldwide offices in the United Kingdom, France, Germany, Italy, South Africa,
Australia, and Singapore. FrontRange Solutions is the developer of award-winning
HEAT and GoldMine software. More information about FrontRange Solutions is
available at: www.frontrange.com.
About Silicon Valley Bank
Silicon Valley Bank provides diversified financial services to emerging growth
and mature companies in the technology and life sciences markets, as well as the
premium wine industry. Through its focus on specialized markets and extensive
knowledge of the people and business issues driving them, Silicon Valley Bank
provides a level of service and partnership that measurably impacts its clients"
success. Founded in 1983 and headquartered in Santa Clara, California, the
company serves more than 9,500 clients across the United States through 27
regional offices. More information on the company can be found at: www.svb.com.
