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News

Funding Received For PocketFinder Manufacturing

Location Based Technologies : 12 January, 2011  (Company News)
Silicon Valley Bank is providing Location Based Technologies with significant funding support for the manufacture and distribution of the companyís PocketFinder product
Location Based Technologies has entered into a banking relationship with Silicon Valley Bank. Initially, Location Based Technologies has received $1,000,000 through a term loan with the intent to expand the relationship to include an initial $5,000,000 revolving line of credit to support manufacturing and shipment of devices.



“We’re ready to launch,” said CEO Dave Morse. “This funding marks a critical inflection point in the life of our company. We will finally be able to deliver production ready devices to key distributors and carriers, which in turn will allow them to place purchase orders. We’re very close to generating meaningful revenue.”



In the last few months LBAS has raised $2,000,000 in working capital. These funds will allow the company to begin their initial production run of the PocketFinder family of products. The first devices will be used by distributors prior to placing purchase orders.



“It’s the final hurdle in the company’s mission to begin production and build sales volume. I look forward to a breakthrough year for the company,” states Gregg Haugen, investor and Personal Guarantor for the SVB loan.



Brett Maver, a relationship manager at SVB, said that, “The two way capability of the GPS devices will fundamentally change the way individual’s, businesses and government/municipal agencies track, monitor, and maintain assets. We're excited to be partnering with Location Based Technologies and be able to assist them in moving from the lab to the marketplace. Helping innovative companies succeed is what SVB does best, and we look forward to working with Dave and his team."
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