Bridge Bank Provides Vertro, Inc. With a Revised Credit Facility That Better Reflects Its New Streamlined Operations
| Source: Bridge Capital Holdings
SAN JOSE, CA--(Marketwire - December 29, 2009) - Bridge Capital Holdings (NASDAQ : BBNK ), whose
subsidiary is Bridge Bank, National Association, a full-service business
bank headquartered in Silicon Valley, announced today it has reached a new
agreement with Vertro, Inc.
"We're pleased to have negotiated this new facility with the continued
confidence of Bridge Bank in our financial strength and long term outlook,"
commented Peter Corrao, Vertro's President and CEO. "The negotiation of
this financing agreement is another important step as we continue to
solidify our financial position. We believe our international marketing
tests and ongoing product development strategy could provide us with
significant growth opportunities, and that having this credit facility in
place could enable us to more effectively capitalize on these
opportunities."
Vertro entered into its original agreement with Bridge Bank N.A. on
November 7, 2008. This original agreement was amended following the sale
of the Company's MIVA Media division in March 2009. The agreement announced
today was structured around the Company's continuing operations.
"We appreciate the opportunity to continue to support Vertro and were
pleased that we were able to restructure the credit facility to meet their
evolving financing needs," said Sarah Henderson, Vice President, Capital
Finance Group at Bridge Bank, N.A.
Bridge Bank specializes in providing superior service and customized
banking solutions to small and middle-market, and emerging technology
business in Silicon Valley, California and the Nation. The Bank's product
offerings include 24/7 internet-based business cash and treasury
management, online account statement and item imaging, remote deposit
capture, commercial lines of credit, growth capital financing, commercial
real estate financing, international Export-Import financing and foreign
exchange payment services, construction loans, Small Business
Administration 7(a) and 504 loans as an SBA Preferred Lender
Participant-accredited direct lender, and factoring and asset-based loans
through its Bridge Capital Finance Group.
About Vertro, Inc.
Vertro, Inc. (NASDAQ : VTRO ) is a software and technology company that owns
and operates the ALOT product portfolio. ALOT's products are designed to
'Make the Internet Easy' by enhancing the way consumers engage with content
online. Through ALOT, Internet users can discover best-of-the-web third
party content and display that content through customizable toolbar,
homepage and desktop products. ALOT has millions of live users across its
product portfolio. Together these users conduct high-volumes of type-in
search queries, which are monetized through third-party search and content
agreements.
About Bridge Capital Holdings
Bridge Capital Holdings is the holding company for Bridge Bank, National
Association. Bridge Capital Holdings was formed on October 1, 2004 and
holds a Global Select listing on The NASDAQ Stock Market under the trading
symbol BBNK. For additional information, visit the Bridge Capital Holdings
website at www.bridgecapitalholdings.com.
About Bridge Bank, N.A.
Bridge Bank, N.A. is Silicon Valley's full-service professional business
bank. The Bank is dedicated to meeting the financial needs of small,
middle-market, and emerging technology businesses. Bridge Bank provides
its clients with a comprehensive package of business banking solutions
delivered through experienced, professional bankers. Visit Bridge Bank on
the web at www.bridgebank.com.
Forward-Looking Statements
Certain matters discussed in this press release constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act of 1995, and are subject to the safe harbors created by that Act.
Forward-looking statements can be identified by the fact that they do not
relate strictly to historical or current facts. They often include the
words "believe," "expect," "anticipate," "intend," "plan," "estimate," or
words of similar meaning, or future or conditional verbs such as "will,"
"would," "should," "could," or "may." Forward-looking statements describe
future plans, strategies and expectations. Forward-looking statements are
based on currently available information, expectations, assumptions,
projections, and management's judgment about the Company, the banking
industry and general economic conditions. These forward-looking statements
are not guarantees of future performance, nor should they be relied upon as
representing management's views as of any subsequent date. Future events
are difficult to predict, and the expectations described above are
necessarily subject to risk and uncertainty that may cause actual results
to differ materially and adversely.
Forward-looking statements involve significant risks and uncertainties and
actual results may differ materially from those presented, either expressed
or implied, in this press release. Factors that might cause such
differences include, but are not limited to: the Company's ability to
successfully execute its business plans and achieve its objectives; changes
in general economic, real estate and financial market conditions, either
nationally or locally in areas in which the Company conducts its
operations; changes in interest rates; new litigation or changes in
existing litigation; future credit loss experience; increased competitive
challenges and expanding product and pricing pressures among financial
institutions; legislation or regulatory changes which adversely affect the
Company's operations or business; loss of key personnel; changes in
accounting policies or procedures as may be required by the Financial
Accounting Standards Board or other regulatory agencies; and the ability to
satisfy requirements related to the Sarbanes-Oxley Act and other regulation
on internal control.
The reader should refer to the more complete discussion of such risks in
Bridge Capital Holdings' annual reports on Forms 10-K and quarterly reports
on Forms 10-Q on file with the Securities and Exchange Commission. The
Company undertakes no obligation to publicly revise these forward-looking
statements to reflect subsequent events or circumstances.