AmbiCom Renews and Expands Line of Credit With East West Bank
MILPITAS, Calif., May 24, 2011 /PRNewswire/ -- AmbiCom Holdings, Inc. (OTCQB: ABHI), a leader in the development of wireless products for medical equipment suppliers, today announced that it has signed a new line of credit with East West Bank, renewing and expanding the credit line that was due to expire July 2011. The new line of credit expands AmbiCom's available drawdown to $1.3 million from $1.0 million in the previous revolving line and extends the line by one year to July 2012. The new facility is available for immediate drawdown and has no limitations based on the Company's accounts receivables.
"We believe our improving financial performance and robust opportunities put us in a position to obtain this extended and expanded revolving line with East West Bank, and we are pleased to continue our solid relationship with this forward-thinking financial services organization," said John Hwang, CEO and Chairman of AmbiCom. "This facility will provide us the necessary capital to support our growth initiatives over the next year as well as some of our ongoing development efforts with leading medical device manufacturer partners. We view this expanded line as a strong sign of confidence from a well-known lender like East West that the wireless and healthcare markets we focus on remain robust and intact, that our products and support are in high demand with our end customers, and that we have proven our ability to them to not only grow our business, but to grow it profitably."
AmbiCom is headquartered in Milpitas, California, and is a leading designer and developer of wireless products focusing on the wireless medical industry. The Company's wireless modules and devices are based on the Company's innovative application software for both Wi-Fi and Bluetooth technologies. AmbiCom is committed to wireless design and development of software and hardware, and to bringing new and innovative products to the wireless me