The line of credit will allow the Company flexibility in taking advantage of strategic opportunities
Maris-Tech Ltd, a global leader in video and artificial intelligence (“AI”) based edge computing technology, announced that it has secured a $4 million line of credit from a leading Israeli commercial bank for a period of 12 months from the date of the agreement.
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The line of credit is on accepted commercial terms for similarly-sized companies and includes fixed and floating liens on the Company’s assets, customary economic and restrictive covenants by the Company, its U.S. subsidiary and agreement by two shareholders of the Company to certain subordination restrictions concerning loans they have provided to the Company.
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The line of credit will allow the Company the ability to take advantage of strategic opportunities and increase its commercial activity, without diluting the Company’s shareholders.
The Company believes that the entry into the line of credit agreement indicates the trust of a leading Israeli commercial bank towards the Company.
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“We are proud that a leading Israeli commercial bank has chosen to support the Company’s growth. This line of credit will give us the flexibility to achieve our growth potential, without relying on market conditions or sales of our equity. We will continue to do everything to justify the trust given to us,” said Israel Bar, Chief Executive Officer of Maris-Tech.
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Source – Businesswire
