Lantronix Announces Acquisition Funding
Summary
IRVINE, Calif., Nov. 12, 2019 (GLOBE NEWSWIRE) -- Lantronix, Inc. (“Lantronix” or “Company”) (NASDAQ: LTRX), a global provider of secure data access and management solutions for the industrial Internet of Things (IoT), today reported that it has entered into a Second Amended and Restated Loan and Security Agreement (the “Loan Agreement”) with Silicon Valley Bank (“SVB”) to provide Lantronix with a Term Loan, in the original principal amount of $6 million, to be used solely to fund the previously announced acquisition of Intrinsyc Technologies Corporation (TSX: ITC). “We are pleased to announce this funding for our acquisition of Intrinsyc,” stated Paul Pickle, President and CEO of Lantronix. “Strengthening our liquidity and access to capital is key to enabling our recently announced growth strategy and positions us to deliver significant long-term shareholder value.” Lantronix will use the proceeds of the Term Loan to close its acquisition of Intrinsyc, currently targeted for January of 2020. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. We have based our forward-looking statements on our current expectations and projections about trends affecting our business and industry and other future events.
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