Mobility Electronics Gets The Cash

Scottsdale, AR-based portable computing products manufacturer Mobility Electronics (Nasdaq: MOBE), which acquired Reno, NV-based cataloger iGo last March, says it has closed a $10 million line of credit from Silicon Valley Bank. The line of credit allows Mobility to pursue “growth opportunities” such as expanding product lines or pursuing acquisitions. Under terms of the agreement, the line of credit can be used for general corporate, working capital and acquisition financing purposes.

“We are pleased to secure this line of credit, which greatly enhances our financial flexibility and provides us with the capital resources to continue our growth strategy in 2003,” said Charlie Mollo, Mobility Electronics’ president/CEO in a statement. “We have no plans to draw on the line of credit in the near term. However, with this resource at our disposal, we can continue to explore and act on all attractive organic growth opportunities, as well as pursue our prudent acquisition and corporate development strategy.”

The line of credit expires July 31, 2004 and is secured by substantially all of the assets of the company.

Partner Content

Hincapie Sportswear Finds Omnichannel Success in the Cloud - Netsuite
For more and more companies, a cloud-based unified data solution is the way to make this happen. Custom cycling apparel maker Hincapie Sportswear has leveraged this capability to gain greater visibility into revenue streams, turning opportunities into sales more quickly while gaining overall operating efficiency. Download this ecommerce special report from Multichannel Merchant to more.
The Gift of Wow: Preparing your store for the holiday season - Netsuite
Being prepared for the holiday rush used to mean stocking shelves and making sure your associates were ready for the long hours. But the digital revolution has changed everything, most importantly, customer expectations. Retailers with a physical store presence should be asking themselves—what am I doing to wow the customer?
3 Critical Components to Achieving the Perfect Order - NetSuite
Explore the 3 critical components to delivering the perfect order.
Streamlining Unified Commerce Complexity - NetSuite
Explore how consolidating multiple systems through a cloud-based commerce platform provides a seamless experience for both you, and your customer.