Horizon Technology Finance Corporation and Bridge Bank, National Association have provided a $10 million venture loan to Newport Media Inc. Newport Media is a fabless communications semiconductor company.
Horizon Technology Finance Corporation (Nasdaq: HRZN) (“Horizon”), a leading specialty finance company that provides secured loans to venture capital and private equity backed development-stage companies in the technology, life science, healthcare information and services, and clean-tech industries, today announced that Horizon and Bridge Bank, National Association (“Bridge Bank”) have provided a $10 million venture loan to Newport Media, Inc. (“Newport Media”), a fabless communications semiconductor company supplying products to the wireless connectivity and broadcast media industry.
Under the terms of the venture loan, Horizon provided $7 million to Newport Media and Bridge Bank provided $3 million. Newport Media will use the funds to support its growth.
“We are impressed with Newport Media’s experienced leadership, quality investors, next-generation technology and strong growth potential,” said Gerald A. Michaud, President of Horizon. “We are pleased to provide venture financing to Newport Media as it brings its high-quality and cost-effective system-on-chip solutions to market.”
Mohy Abdelgany, CEO of Newport Media, said, “Horizon and Bridge Bank provided us with a financing solution which will help us meet our strategic goals. We appreciate the support of these two premier lenders and the confidence they have in our future prospects as we ramp revenue in 2013, and beyond.”
About Horizon Technology Finance
Horizon Technology Finance Corporation is a business development company that provides secured loans to development-stage companies backed by established venture capital and private equity firms within the technology, life science, healthcare information and services, and clean-tech industries. The investment objective of Horizon Technology Finance is to maximize total risk-adjusted returns by generating current income from a portfolio of directly originated secured loans as well as capital appreciation from warrants to purchase the equity of portfolio companies. Headquartered in Farmington, Connecticut, with regional offices in Walnut Creek, California and Reston, Virginia, the Company is externally managed by its investment advisor, Horizon Technology Finance Management LLC. Horizon’s common stock trades on the NASDAQ Global Select Market under the ticker symbol, “HRZN.” In addition, the Company’s 7.375% Senior Notes due 2019 trade on the New York Stock Exchange under the ticker symbol “HTF.” To learn more, please visit www.horizontechnologyfinancecorp.com.
About Newport Media
Newport Media Inc. (“NMI”) is a fabless semiconductor company that develops and sells highly integrated solutions for broadcast, wireless connectivity and cellular markets. NMI leverages its unique OFDM baseband, RF, and mixed signal platform technologies to bring to market complete system solutions that are higher performance, lower power and more cost effective than competing solutions. NMI’s portfolio of broadcast communications products include a broad selection of integrated SOC solutions for Mobile TV, Cable, LCD and Set-top box applications. NMI’s wireless connectivity products include integrated SOC solutions for Wi-Fi™ applications. For more information, visit www.nmisemi.com.
About Bridge Bank, National Association
Bridge Bank, National Association is a full-service professional business bank dedicated to meeting the financial needs of small, middle market, and emerging technology businesses. Bridge Bank provides its clients with a comprehensive package of business banking solutions delivered through experienced, professional bankers. With a growing nationwide web of offices and a correspondent banking network that stretches worldwide, Bridge Bank’s Technology Banking Division serves venture-backed and nonventure-backed companies from inception through IPO, and companies focused on renewable energy projects. Additionally, the bank’s Capital Finance Division provides asset-based lending solutions companies from a variety of business sectors. Bridge Bank’s product offering includes growth capital, equipment and working capital credit facilities and treasury management solutions, along with a full line of international products and services and financing secured by domestic, government, and foreign receivables. For additional information, visit www.bridgebank.com.
Statements included herein may constitute “forward-looking statements,” which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.