SUNNYVALE, Calif., July 13, 2016 (GLOBE NEWSWIRE) -- Adesto Technologies (NASDAQ:IOTS), a leading provider of application-specific, ultra-low power non-volatile memory products, today announced that it has closed on a $20 million senior secured debt facility. The new debt facility replaces the existing April 2015 debt facility.
President and CEO Narbeh Derhacobian stated, “The closing of this debt facility further fortifies our balance sheet, while also providing greater financial flexibility as we execute on our growth initiatives. We continue to make great strides toward expanding our presence in targeted vertical markets, including consumer applications where the emergence of IoT is driving a growing need for specialized, energy-efficient memory solutions.
“More specifically, this financing helps further strengthen our financial position as we continue to target high-volume opportunities with multiple Tier-one companies. It also provides access to non-dilutive capital, enabling Adesto to consider possible strategic options for further expanding our presence in the consumer space and/or adding complementary technologies or products to help drive additional growth in the future.”
About Adesto Technologies
Adesto Technologies (NASDAQ:IOTS) is a leading provider of application-specific, ultra-low power non-volatile memory products. The company has designed and built a portfolio of innovative products with intelligent features to conserve energy and enhance performance including Fusion Serial Flash, DataFlash® and products based on Conductive Bridging RAM (CBRAM®) technology. CBRAM® is a breakthrough technology platform that enables 100 times less energy consumption than today’s memory technologies without sacrificing speed and performance. Adesto is focused on delivering differentiated solutions and helping its customers usher in the era of the Internet of Things.
Company Contact: David Viera Director, Corporate Communications 408-419-4844 firstname.lastname@example.org Adesto Technologies Investor Relations: Shelton Group Leanne K. Sievers, Executive Vice President P: 949-224-3874 E: email@example.com