Contact Information: AT THE COMPANY: Rick Vitelle Chief Financial Officer (805) 987-9000 AT FINANCIAL RELATIONS BOARD: Lasse Glassen General Information (213) 486-6546
CalAmp Completes Second Round of Subordinated Debt Financing
| Source: CalAmp Corp.
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.