PALO ALTO, Calif.--(BUSINESS WIRE)--
Peninsula
Bank Business Funding ("PBBF"), a division of The Private Bank of
the Peninsula, today announced that it successfully closed a new
receivables line of credit with Optex Systems, Inc., a Delaware
corporation. The credit facility is up to $2,000,000, based on advances
to be made against percentages of eligible receivables, and will mature
one year from signing. Optex Systems intends to use the new facility to
finance its working capital requirements and growth opportunities.
"We are pleased that this facility has closed and are very much looking
forward to working with the board and management team of Optex Systems,"
said Mike
Hansen, Executive Vice President of Peninsula Bank Business Funding.
"We feel they are well positioned in their market place and we hope to
be a long-term financial partner."
Founded in 1987, Optex Systems is a Richardson, Texas-based manufacturer
of optical sighting systems and assemblies, primarily for Department of
Defense applications. Its products are installed on various types of
U.S. military land vehicles, such as the Abrams and Bradley fighting
vehicles, Light Armored and Armored Security Vehicles, and have been
selected for installation on the Stryker family of vehicles. Optex
Systems also manufactures and delivers numerous periscope
configurations, rifle and surveillance sights, and night vision optical
assemblies. Optex Systems delivers its products both directly to the
military services and to prime contractors. (www.optexsys.com)
"This new facility strengthens the Company's balance sheet and provides
additional working capital to accommodate future growth," said Danny
Schoening, Chief Operating Officer of Optex Systems Holdings, Inc. "We
believe we have successfully restructured the Company's operations over
the past year, as demonstrated by improved operating cash flow, and we
are now poised to build upon this stable foundation going forward."
About PBBF
A division of The Private Bank of the Peninsula, PBBF provides asset
based lending products to emerging growth and venture-backed companies
throughout the United States.
About the Bank
The Private Bank of the Peninsula, a subsidiary of Peninsula Bank
Holding Co. (OTCBB:PBKH), is headquartered in Palo Alto, California. The
Private Bank focuses on the banking needs of businesses and individuals
primarily in the Greater San Francisco Bay Area. The Bank's experienced
senior management team provides personalized, relationship-based
service, giving clientele access to senior level decision-makers. The
Bank specializes in the following markets: commercial & industrial,
asset based, real estate construction, commercial real estate, and real
estate bridge financing.
Source: Private Bank of the Peninsula
Contact: The Private Bank of the Peninsula
Steve Leen, Chief Financial Officer, 650-843-2204
www.the-private-bank.com