Tarantella (NASDAQ:TTLAC)
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Tarantella, Inc. Partners with Silicon Valley Bank
Secures $1.5 Million Line of Credit
SANTA CRUZ, Calif., Oct. 27 /PRNewswire-FirstCall/ -- Tarantella, Inc. a
leading supplier of secure application access software, today announced that
Silicon Valley Bank, a subsidiary of Silicon Valley Bancshares , will provide
the Company with a broad line of banking services, including a $1.5 million
secured line of credit to be used for working capital purposes. This follows
Tarantella's recent announcement that it completed a private placement of equity
financing that provides over $2 million in immediate new capital.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010504/TTLALOGO )
"Silicon Valley Bank clearly understands the needs of technology companies and
we are very pleased to have them as a financial partner," stated Doug Michels,
CEO of Tarantella. "Silicon Valley Bank provides us with a diversified set of
customized financial services and the proven financial experience that we need
to best serve our vendors, customers, and partners."
"We take pride in working with technology leaders, such as Tarantella, that are
constantly innovating to improve business. Seamless and secure interoperability
and fast remote access to applications are critical business necessities that
require the kind of excellence Tarantella products deliver," said Chris Stedman,
Senior Vice President, South Bay Region, Silicon Valley Bank. "We are extremely
pleased to be able to help Tarantella continue to maintain and expand its unique
business in the growing application access market."
For Tarantella Investors:
This press release contains forward-looking statements. These forward- looking
statements may be identified by use of terms such as anticipates, believes,
continue, could, estimates, expects, intends, may, plans, potential, predicts,
should or will, or the negative of those terms or similar expressions. These
forward-looking statements are subject to significant risks and uncertainties.
Actual results may differ materially from those described in such statements as
a result of these risks and uncertainties. In particular, the forward-looking
statements include statements about the Company's use of the proceeds of the
line of credit, and the development and maintenance of the Company's business.
Investors are cautioned that all forward-looking statements involve risks and
uncertainty, including without limitation, the ability to manage the line of
credit proceeds, grow the business and gain new customers, and other risks
detailed from time to time in Tarantella's SEC filings, including forms 10-Q and
10-K. Tarantella disclaims any intention or obligation to publicly update or
revise any forward-looking statements, whether as a result of events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
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, Calif., the company
serves more than 9,500 clients across the country through 27 regional offices.
More information on the company can be found at: http://www.svb.com/.
About Tarantella, Inc.
Tarantella, Inc. is a leading provider of purpose-built application access and
deployment software to nearly 12,000 customer sites worldwide. Tarantella
enables organizations to access and manage information, data and applications
across all platforms, networks and devices. Tarantella bridges the gap between
vendors, ensuring that customers have complete access to business-critical
information. Using Tarantella's software, customers realize the benefits of
secure corporate data, maximizing return on existing IT assets and improved
productivity. The company markets its products through key industry partnerships
and a worldwide network of consultants and resellers. Tarantella is
headquartered in Santa Cruz, Calif. For more information, please visit the
Tarantella web site at http://www.tarantella.com/.
NOTE: Tarantella, Tarantella Enterprise 3, Canaveral iQ, New Moon Systems and
the Tarantella logo are trademarks or registered trademarks of Tarantella, Inc.,
in the USA and other countries. All other brand and product names are or may be
trademarks of, and are used to identify products or services of their respective
owners.
http://www.newscom.com/cgi-bin/prnh/20010504/TTLALOGO
http://photoarchive.ap.org/
DATASOURCE: Tarantella, Inc.
CONTACT: Lynn Schroeder, Investor Relations of Tarantella,
+1-831-427-7399, or ; or Carrie Merritt of Silicon Valley
Bank, +1-408-654-7193, or
Web site: http://www.svb.com/
Web site: http://www.tarantella.com/