Minim Secures $13.0 Million Credit Facility with Silicon Valley Bank
Following record-breaking quarterly and year-end revenue results, the company announces new capital access to address increased demand in the rapidly growing $356 billion fixed broadband market
Manchester, NH, March 15, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Zoom Telephonics, Inc., doing business as Minim (OTCQB: MINM) ("Minim"), the creator of innovative internet access products, today announced that it has closed on a $13.0 million credit facility in partnership with Silicon Valley Bank in lieu of its previous $5.0 million credit facility. This announcement follows a record-breaking quarter and year in Minim’s revenue.
“We are pleased to work with Silicon Valley Bank on a credit facility that will assist Minim in seeking to sustainably accelerate growth,” said Sean Doherty, CFO of Minim. “From recent market analysis, we are optimistic that the post-pandemic era will bring continued reliance on telemedicine, hybrid remote work models, remote education, streaming entertainment, and Gigabit speeds—making performant, secure home WiFi a global imperative. Through our expanded credit facility, Minim will invest in sales, marketing, and new product introductions to address the demand for advanced connectivity products that homes need.”
Minim delivers smart software-driven communication products under the globally-recognized Motorola® brand. The company’s cable modem, gateway, router, and MoCA systems can be found in retailers and e-commerce channels nationwide, including: Best Buy, Target, Walmart, Microcenter, and Amazon. The company’s connectivity hardware and software are also available for purchase via over 130 Internet Service Providers and technology distributor Telarus.
"Minim is delivering high-quality software, hardware and services to connect customers and homes in the US and internationally," said Sarah Kwan, Vice President of Technology Banking at Silicon Valley Bank. "We are proud to work with the Minim team and support the company's growth."
For more information about Minim, visit www.minim.com.
About Minim
Zoom Telephonics, Inc., doing business as Minim (OTCQB: MINM) is the creator of innovative internet access products that dependably connect people to the information they need and the people they love. Headquartered in Manchester, NH, the company delivers smart software-driven communications products under the globally recognized Motorola® brand. Minim end users benefit from a personalized and secure WiFi experience, leading to happy and safe homes where things just work. To learn more, visit www.minim.com.
MOTOROLA and the Stylized M Logo are trademarks or registered trademarks of Motorola Trademark Holdings, LLC and are used under license.
Forward-Looking Statements
This release contains forward-looking information relating to Minim’s plans, expectations, and intentions, including statements about the effects of the merger. Actual results may be materially different from expectations as a result of known and unknown risks, including: risks associated with Minim’s potential inability to realize intended benefits of the merger; the potential increase in tariffs on the company's imports; potential difficulties and supply interruptions from moving the manufacturing of most of the company’s products to Vietnam; potential changes in NAFTA; the potential need for additional funding which Minim may be unable to obtain; declining demand for certain of Minim’s products; delays, unanticipated costs, interruptions or other uncertainties associated with Minim’s production and shipping; Minim’s reliance on several key outsourcing partners; uncertainty of key customers’ plans and orders; risks relating to product certifications; Minim’s dependence on key employees; uncertainty of new product development, including certification and overall project delays, budget overruns, and the risk that newly introduced products may contain undetected errors or defects or otherwise not perform as anticipated; costs and senior management distractions due to patent related matters; the impact of the COVID-19 pandemic; and other risks set forth in Minim’s filings with the Securities and Exchange Commission. Minim cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Minim expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in Minim’s expectations or any change in events, conditions or circumstance on which any such statement is based.
Contact:
Sean Doherty
CFO, Minim
