COMMUNICATIONS FIRM TELULAR STRIKES FINANCING DEAL WITH WELLS FARGO, SETS SIGHTS ON COMPETITION
VERNON HILLS, Ill.
Telular Corp. has announced that it entered into a loan and security agreement with Wells Fargo Business Credit Inc. that provides a revolving credit facility. To reduce applicable cash financing fees, the company says it issued Wells Fargo warrants for 50,000 shares of common stock, at a strike price of $16.29 per share. “Having the capability to finance substantial working capital requirements is necessary to compete for larger pieces of the wireless local loop market. We are pleased to have such a fine partner as Wells Fargo to provide this important element to our strategy,” says Kenneth E. Millard, Telular president and CEO.
Telular designs and manufactures fixed wireless terminals, using proprietary telecommunications interface technology that enables standard phone systems, fax, computer modem or monitored alarm systems to utilize available cellular wireless service for either primary or backup communications.
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