SOURCE: Vanguard Space Technologies

Vanguard Space Technologies

November 29, 2011 16:37 ET

Vanguard Space Technologies, Inc. Announces New Credit Facility With Comerica Bank

SAN DIEGO, CA--(Marketwire - Nov 29, 2011) - Vanguard Space Technologies, Inc. (Vanguard), a leading supplier of Space Qualified High Performance Composite Structural Components and Systems for Space Products, today announced the establishment of a new credit facility with Comerica Bank. The credit facility provides for borrowings for working capital requirements, capital equipment purchase and other general corporate purposes.

"This new financing agreement provides Vanguard with the opportunity to re-structure its balance sheet liabilities, improve its balance sheet current ratios and gives the company sufficient liquidity to fund current operations as well as growth opportunities for the foreseeable future," stated Ronald Miller, Chief Financial Officer of Vanguard.

In addition, Frank Belknap, Vanguard's Chief Executive Officer, stated, "We are very pleased to have established this new partnership with Comerica Bank, a quality nationally recognized lender. Our improved operating performance over the past year along with this new credit facility ensures that we have the financial capacity to support continuing efficiency improvements and our long term strategic plan."

Comerica Bank, founded 162 years ago, is a subsidiary of Comerica Inc., based in Dallas. Comerica focuses on relationships, and helping people and businesses be successful.

About Vanguard:

Vanguard is a small business specializing in the engineering, fabrication and testing of high-performance composite structures for space. Main product lines include antennas, reflectors, spacecraft bus structures, solar array substrates, dimensionally-stable optical benches, and multi-functional composite structures. Vanguard's capabilities include full engineering, with extensive capabilities in advanced composites design and analysis. Vanguard also has an emerging business in Space Power, Optical and Thermal products which includes deployable solar arrays, modular solar arrays, loop heat pipe radiator panels, infra-red and sub-millimeter reflectors, and solar concentrators. For additional information about Vanguard, our products and capabilities, please visit our website at http://vst-inc.com.

Contact Information

  • Contact:
    Duane Krumweide
    Vanguard Space Technologies
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