USA Technologies, Inc. (USAT) recently announced that it has renewed and increased its working capital line of credit with Avidbank Corporate Finance (Avidbank). The agreement increases the amount available under the credit line from $3 million to up to $5 million, and renews the credit line for another twelve month period.
"We are pleased that we were able to leverage our relationship with Avidbank in establishing this expanded agreement," said USAT's Chief Financial Officer, David M. DeMedio, in a prepared statement. "Our expanded credit line will provide USAT with an important source of non-dilutive capital to fund growth, as well as other working capital needs. Increasing our access to flexible capital through a credit line, in conjunction with the improvements we have made in generating cash from our operations over the last year, are important elements in executing our growth platforms and increasing shareholder value."
Avidbank Executive Vice President, Mike Hansen, stated, "Avidbank seeks companies that have demonstrated solid fundamentals within a market that offers great potential. USAT's improved financial performance over the last year and their prospects for growth as a leader in their market warranted this expanded agreement. We look forward to a continued, successful working partnership."