SOURCE: CalAmp Corp.

CalAmp Corp.

January 19, 2010 06:00 ET

CalAmp Completes Second Round of Subordinated Debt Financing

OXNARD, CA--(Marketwire - January 19, 2010) - CalAmp Corp. (NASDAQ: CAMP), a leading provider of wireless products, services and solutions, announced today that it has completed a second round of subordinated debt financing totaling $3.075 million. This supplements aggregate financing proceeds announced last month of $14 million, comprised of the initial drawdown of a new revolving credit facility, the private placement of common stock and the first round issuance of subordinated debt.

The second round subordinated notes, which were sold on the same terms and conditions as the $1.925 million of subordinated notes issued last month, bear interest at 12% per annum and mature on December 22, 2012. CalAmp also issued a total of 307,500 common stock purchase warrants to the second round subordinated note investors at an exercise price of $4.02 per share.

Rick Gold, President and CEO of CalAmp, commented, "These additional financing proceeds will provide us with more flexibility in funding our working capital requirements as we move forward to execute on our plan to achieve profitable growth in our served markets."

About CalAmp Corp.

CalAmp provides wireless communications solutions that enable anytime/anywhere access to critical data and content. The Company serves customers in the public safety, industrial monitoring and controls, mobile resource management and direct broadcast satellite markets. For more information, please visit www.calamp.com.

Contact Information

  • AT THE COMPANY:
    Rick Vitelle
    Chief Financial Officer
    (805) 987-9000

    AT FINANCIAL RELATIONS BOARD:
    Lasse Glassen
    General Information
    (213) 486-6546
    Email Contact