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.