SOURCE: Procera Networks

Procera Networks

February 18, 2009 08:30 ET

Procera Networks Secures $3 Million Line of Credit

Line of Credit Augments Solid Balance Sheet, Including Approximately $6 Million in Working Capital

LOS GATOS, CA--(Marketwire - February 18, 2009) - Procera® Networks Inc. (AMEX: PKT), a developer of Evolved Deep Packet Inspection (DPI) solutions providing traffic awareness, control and protection for complex networks, today announced it has secured a commitment for a line of credit of up to $3 million from Peninsula Bank Business Funding, a division of The Private Bank of the Peninsula ("PBFF" or "Bank"), based in Palo Alto, CA. Procera expects the line of credit will provide it financial flexibility to fund its future working capital needs, primarily to support inventory and accounts receivable.

"We view this commitment and the due diligence process involved as an endorsement of our growth potential, product leadership, management team and strategy," said James F. Brear, Procera's President and CEO. "We have been very impressed by the team at The Private Bank and their understanding of our needs, particularly given the current nationwide reluctance by banks to extend credit. We believe our business has reached the point where bank financing is a prudent next step for funding the short-term working capital needs posed by our efforts to drive sales growth."

Mike Hansen, Executive Vice President of PBBF, commented, "Our credit analysis and dialogue with management found that Procera Networks is well positioned in their market, with good sales traction and a strong pipeline of customer opportunities. We are pleased to support Procera in funding their working capital demands."

About The Private Bank Of The Peninsula and Peninsula Bank Business Funding

The Private Bank of the Peninsula, a subsidiary of Peninsula Bank Holding Company (OTCBB: PBKH), is headquartered in Palo Alto, California. The Private Bank focuses on the banking needs of businesses, entrepreneurs and business leaders, not-for-profit organizations and individuals in the greater San Francisco Bay Area. A true community bank with a team of veteran bankers, The Private Bank offers access to senior level decision-makers who are dedicated to helping clients with all their banking and financing needs. Personalized, responsive, exceptional service is The Private Bank of the Peninsula's standard.

Peninsula Bank Business Funding ("PBBF"), a division of The Private Bank of the Peninsula, provides asset based lending products to emerging growth and venture backed companies throughout the country.

About Procera Networks Inc.

Procera Networks Inc. delivers Evolved DPI solutions that give service providers awareness, control and protection of their applications and networks. Its core product suite, the PacketLogic line of platforms, leverages the company's advanced identification engine, DRDL™ (Datastream Recognition Definition Language), to provide accurate identification of network traffic in real-time. PacketLogic is deployed at more than 600 broadband service providers, telcos, governments and higher education campuses worldwide. Founded in 2002, Procera (ASE: PKT) is based in Silicon Valley and has offices around the globe. More information is available at

Safe Harbor Statement: This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in this press release, the words "plan," "confident that," "believe," "scheduled," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, the ability of Procera to commercialize the applicable technology and introduce products and the acceptance of those products by the market, the ability of resellers to sell the Procera products, market conditions, the general acceptance of the Company's products and technologies, competitive factors, timing, and other risks described in the Company's reports and filings with the SEC from time to time.

Procera Networks is a registered trademark, and PacketLogic and DRDL are trademarks of Procera Networks Inc. All rights reserved. All other products or brands mentioned are trademarks and/or service marks of their respective owners.

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