Luna Innovations Announces New Credit Facility
Silicon Valley Bank extends Luna a $5 million revolving credit facility
ROANOKE, Va., Feb 18, 2010 — Luna Innovations Incorporated (NASDAQ: LUNA) announced today that it has entered into a $5 million revolving credit facility with Silicon Valley Bank (SVB). In May 2008, Luna entered into a $10 million credit facility with SVB that included a four-year term debt of $5 million and a remaining facility available under a four-year revolving line of credit of up to $10 million. Luna paid off the original $5 million term debt and terminated the prior facility in July 2009.
“SVB has once again put forth a credit facility that shows its support of Luna and our business model in the midst of the tough economy,” said Scott Graeff, Chief Operating Officer and Treasurer. “SVB is a bank that clearly understands the importance of technology in the global marketplace. We are very pleased that it remains committed to our long relationship.”
The facility is secured by certain company assets and is subject to customary covenants, including covenants requiring the company to meet EBITDA milestones and liquidity ratios.
About Luna Innovations:
Luna Innovations Incorporated (www.lunainnovations.com) is focused on sensing and instrumentation, and pharmaceutical nanomedicines. Luna develops and manufactures new-generation products for the healthcare, telecommunications, energy and defense markets. The company’s products are used to measure, monitor, protect and improve critical processes in the markets we serve. Through its disciplined commercialization business model, Luna has become a recognized leader in transitioning science to solutions. Luna is headquartered in Roanoke, Virginia.
Forward Looking Statements:
This release may include information that constitutes “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Statements that describe the Company’s business strategy, goals, prospects, opportunities, outlook, plans or intentions are also forward looking statements. Actual results may differ materially from the expectations expressed in such forward-looking statements as a result of various factors, including risks and uncertainties set forth in the company’s periodic reports and other filings with the Securities and Exchange Commission. Such filings are available at the SEC’s website at http://www.sec.gov, and at the company’s website at http://www.lunainnovations.com. The statements made in this release are based on information available to the company as of the date of this release and Luna Innovations undertakes no obligation to update any of the forward-looking statements after the date of this release.
Luna Innovations Incorporated
Dale Messick, CFO