News Article | February 13, 2017
FREMONT, Calif., Feb. 13, 2017 (GLOBE NEWSWIRE) -- Identiv, Inc. (NASDAQ:INVE) today announced that it has entered into a $10.0 million term loan agreement with Western Technology Investment (WTI) and an up to $10.0 million asset-backed line-of-credit agreement through East West Bank’s Technology Banking Division (EWB). The proceeds of the refinancing have been used to retire existing debt. The Company also announced unaudited preliminary results for the fourth quarter of fiscal year 2016 at or above plan, with revenues in the range of $14.4M to $14.8M and adjusted EBITDA in excess of $0.7M. "We’re very pleased to welcome WTI and East West Bank as partners going forward, as Identiv strengthens its position to provide highly secure, convenient access to all physical resources,” said Steven Humphreys, Identiv CEO. “After refocusing the Company in 2016, returning to positive adjusted EBITDA and re-establishing growth in our core business, we’re excited to have partners who share our long-term vision for the Company and the market. We are repaying debt that was due this year, replacing it with debt terms extending over the next two to three plus years. More importantly, we’ve replaced a lending partner which announced its intention to de-emphasize technology investing, with partners who are committed to technology and have expressed support for Identiv’s business opportunity. We believe this refinancing provides excellent operational flexibility, and represents a strong vote of confidence in our business model and our future growth prospects.” The Company used the funds available under the financing agreements, together with approximately $0.2 million of cash on hand, to repay both the term loan and line-of-credit balances with Opus Bank. In connection with the transaction, the 400,000 Identiv warrants previously issued to Opus Bank have been canceled. The asset-backed line-of-credit agreement with EWB has a term of 24-months and includes a warrant to purchase 40,000 shares of the Company’s common stock, and the term loan agreement with WTI has a term of 42 months and includes a warrant to purchase 580,000 shares of the Company’s common stock. “Through 2016 we’ve re-established our strong market position and our stable business platform, hitting our targets throughout the year while completing a thorough business alignment. This progress continued into the fourth quarter of 2016, and we’re pleased to report a preliminary revenue range for the fourth quarter of 2016 of $14.4M to $14.8M and adjusted EBITDA in excess of $0.7 million, both at or above our internal plans, representing solid year-over-year growth and business model improvement. Cash has been stable, closing the year above the $9M level,” added Humphreys. “Going forward, we believe our recently completed financing provides the strength and stability to focus our energy on driving our business’ growth and expanding our market position as we enter one of the most dynamic times in our industry, as all devices, sensors and access systems become interconnected, and as enterprises and individuals expect highly secure, convenient and business-enabling infrastructure. Our business focus now can be more directed to realizing our market potential.” The preliminary results for the fourth quarter of 2016 are unaudited and based on management's preliminary financial analysis and may be adjusted as a result of, among other things, completion of customary financial close review. Non-GAAP Financial Measures (Unaudited) This press release includes preliminary financial information that has not been prepared in accordance with GAAP, including preliminary non-GAAP adjusted EBITDA. Identiv uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. The non-GAAP measures discussed above will exclude items that are included in GAAP net income (loss) and GAAP operating expenses, and excludes provision (benefit) for income taxes, net income (loss) attributable to non-controlling interest, interest expense, foreign currency losses (gains), impairment of goodwill, stock-based compensation, amortization and depreciation, and restructuring and severance. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. We have not provided reconciliations of preliminary and projected adjusted EBITDA to the most comparable GAAP measure of net income. Providing net income guidance is not practical at this time, given the difficulty of projecting certain operating items that are included in net income, including income tax valuation adjustments. Reconciliations of these non-GAAP measures with the most comparable GAAP measures for historical periods are indicative of the reconciliations that will be prepared upon completion of the periods covered by the non-GAAP guidance. Please reference the "Non-GAAP financial information" accompanying our quarterly earnings releases on our website at www.identiv.com for our GAAP results and the reconciliations of these measures, where used, to the comparable GAAP measures. About Identiv Identiv, Inc. is a global provider of physical security and secure identification. Identiv’s products, software, systems, and services address the markets for physical and logical access control and a wide range of RFID-enabled applications. Customers in the government, enterprise, consumer, education, healthcare, and transportation sectors rely on Identiv’s access and identification solutions. Identiv's mission is to secure the connected physical world: from perimeter to desktop access, and from the world of physical things to the Internet of Everything. Identiv is a publicly traded company and its common stock is listed on the NASDAQ Capital Market in the U.S. under the symbol “INVE.” For more information, visit identiv.com. About Western Technology Investment Founded in 1980, Western Technology Investment (WTI) pioneered the concept of venture debt. The firm provides minimally-dilutive, truly usable capital to high-growth, public and private, technology and life science companies. For more information, please visit westerntech.com. About East West Bank East West Bancorp, Inc. (NASDAQ:EWBC) is a publicly owned company with total assets of $33.3 billion and is traded on the Nasdaq Global Select Market under the symbol “EWBC”. The Company’s wholly owned subsidiary, East West Bank, is the largest independent commercial bank headquartered in Southern California. It is a premier bank focused exclusively on the United States and Greater China markets and operates over 130 locations, including in the United States markets of California, Georgia, Massachusetts, Nevada, New York, Texas and Washington. East West Bank provides a full array of products and services to companies in various industries. The Technology, Private Equity and Life Science group is a national practice, with teams based in the Silicon Valley, Boston and China that provides financing, treasury management and international banking services to its clients. For more information on East West Bancorp, visit the Company's website at eastwestbank.com. Note Regarding Forward-Looking Information This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based on current expectations as well as the current beliefs and assumptions of the Company's management and can be identified by words such as "anticipates", "believes", "plans", "will", "intends", "expects", and similar references to the future. Any statement that is not a historical fact, including the statements regarding the Company's belief that it is on track to reach its targets, its expectations regarding future operating and financial performance, the benefits of the Company’s products, the Company’s beliefs regarding the strength of its business and that of the industry, traction within its customer base, market positioning and growth in market share, the Company’s ability to continue order trends into 2017 and the Company’s beliefs regarding the benefits of the announced financing, including the support and commitment of new partners, stability and operational flexibility, is a forward-looking statement. Forward-looking statements are only predictions and are subject to a number of risks and uncertainties, many of which are outside our control, which could cause actual results to differ materially and adversely from those expressed in any forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the completion of the financial close process and audit of the Company’s financial statements, the actual impact of the restructuring on the Company’s business, the Company’s ability to continue the momentum in its business, the level of customer orders, the success of its dealer channels, the strength of the IoT market, and factors discussed in our public reports, including our Annual Report on Form 10-K for the year ended December 31, 2015 and subsequent reports filed with the U.S. Securities and Exchange Commission. All forward-looking statements are based on information available to us on the date hereof, and we assume no obligation to update such statements.
Aqra F.,Bank of The West
Journal of Non-Crystalline Solids | Year: 2014
In the framework of the theoretical considerations suggested by Eyring, based on statistical thermodynamics, calculations of reliable values and accurate estimate of surface tension and surface energy of alkali halides are presented. The ratio of surface energy, at melting temperature, of solid and liquid phases is constant for all the alkali halides and is equal to 1.465. Moreover, empirical relations are proposed for calculating the surface tension, the cohesive energy density and the isothermal compressibility. Finally, a promising theoretical equation is obtained for determining the product of the isothermal compressibility and the surface tension. All the results are in very good agreement with the available experimental data with a difference that does not exceed 7% for most of the salts under study. The results provide a good database useful for scientists and engineers. © 2014 Elsevier B.V.
Ereqat S.,Bank of The West
PLoS neglected tropical diseases | Year: 2013
Bovine tuberculosis, bTB, is classified by the WHO as one of the seven neglected zoonontic diseases that cause animal health problems and has high potential to infect humans. In the West Bank, bTB was not studied among animals and the prevalence of human tuberculosis caused by M. bovis is unknown. Therefore, the aim of this study was to estimate the prevalence of bTB among cattle and goats and identify the molecular characteristics of bTB in our area. A total of 208 tissue samples, representing 104 animals, and 150 raw milk samples, obtained from cows and goats were examined for the presence of mycobacteria. The tissue samples were collected during routine meat inspection from the Jericho abattoir. DNA was extracted from all samples, milk and tissue biopsies (n = 358), and screened for presence of TB DNA by amplifying a 123-bp segment of the insertion sequence IS6110. Eight out of 254 animals (3.1%) were found to be TB positive based on the IS6110-PCR. Identification of M. bovis among the positive TB samples was carried out via real time PCR followed by high resolution melt curve analysis, targeting the A/G transition along the oxyR gene. Spoligotyping analysis revealed a new genotype of M. bovis that was revealed from one tissue sample. Detection of M. bovis in tissue and milk of livestock suggests that apparently healthy cattle and goats are a potential source of infection of bTB and may pose a risk to public health. Hence, appropriate measures including meat inspection at abattoirs in the region are required together with promotion of a health campaign emphasizing the importance of drinking pasteurized milk. In addition, further studies are essential at the farm level to determine the exact prevalence of bTB in goats and cattle herds in the West Bank and Israel.
Mizyed N.R.,Bank of The West
Environmental Science and Policy | Year: 2013
This paper evaluates technical, legal, social and economic challenges facing treated wastewater in the West Bank as an example of arid and semi-arid areas. Although treated wastewater reuse is recognized as a strategic option in augmenting agricultural water supplies in arid and semi-arid areas, there are many challenges that face the utilization. Legal challenges include adopting relevant and appropriate standards for reuse, which could be implemented at the farm level. Social and economic considerations should be considered in developing reuse options and strategies. In the West Bank, treated wastewater reuse standards and guidelines have been adopted. Field surveys and interviews with farmers showed that farmers are willing to irrigate many crops utilizing treated wastewater. However, this study shows that there are discrepancies between what farmers are willing to implement and what planners and policy makers would recommend. Farmers indicated a good understanding of the technical solutions on how to make treated reuse safe and technically sound. However, emphases on social and economic implications are highly essential for the success of reuse. Surveys of farmers showed that they need to understand and know the economic costs, returns and benefits of the different qualities of treated wastewater (TWW) to select appropriate reuse alternatives. Therefore, public awareness campaigns are highly needed to address the legal, social, economic and institutional consideration for TWW reuse. Participation of farmers in developing guidelines, standards, policies and plans for agricultural reuse is very important for the sustainability of treated wastewater reuse. © 2012 Elsevier Ltd.
Aqra F.,Bank of The West
Journal of Nuclear Materials | Year: 2014
The surface tension of ThF4, UF4 and UF6 is theoretically estimated, as function of temperature, whereas eight other halide salts only for temperature equal to their melting points. Calculations are based on a model, using statistical thermodynamics of Eyring theory. It is observed that the surface tension decreases linearly with temperature. The results are strictly compared with the available experimental data. The technique can be applied for conditions where experimental data are currently missing. The compressibility and surface tension products, of all salts under study, were also calculated. © 2014 Elsevier B.V. All rights reserved.
Gokhale N.S.,Bank of The West
Cornea | Year: 2011
PURPOSE:: To report a case of severe corneal endothelial damage after collagen cross-linking treatment in a 37-year-old man with progressive keratoconus with a corneal thickness of more than 400 μm. METHODS:: After central epithelial debridement, the left cornea was cross-linked for 25 minutes using dextran-riboflavin solution and UV-A light of 370 nm with an irradiance of 3.0 mW/cm. One month after cross-linking treatment, the patient presented with massive corneal edema. He was treated with 1% prednisolone and carboxymethylcellulose 1% eyedrops 4 times a day for 3 months. Specular microscopy with endothelial cell counting was performed after resolution of the corneal edema 6 months after cross-linking. RESULTS:: Despite intense treatment, a ring-shaped corneal scar remained, and uncorrected visual acuity was finger counting. Cell density after resolution was 1776 cells per square millimeter in the affected eye compared with 2978 cells per square millimeter in the untreated fellow eye. CONCLUSIONS:: Corneal thickness is not the only factor for corneal endothelial damage after cross-linking procedure. Copyright © 2011 by Lippincott Williams & Wilkins.
Daud A.-K.,Bank of The West |
Ismail M.S.,University of Malaya
Renewable Energy | Year: 2012
Hybrid power systems based on renewable energy sources, especially photovoltaic and wind energy are an effective option to solve the power-supply problem for remote and isolated areas far from the grids. This paper presents a study and design of a complete hybrid system for providing the electrical loads in a family house in Palestine according to their energy requirements.A computer program is developed to achieve this and to determine the specifications of the whole system components. It uses the data of wind and solar radiation measurements of the selected rural zone and all the required information about the electrical loads. Also, the hybrid systems minimizing, simultaneously, the total cost throughout the useful life of the installation, pollutant emissions (CO 2) and dump load are taken into consideration.It is found that providing electricity to a family house in a rural zone using hybrid systems is very beneficial and competitive with the other types of conventional energy sources, especially considering the decreasing prices of these systems and their increasing efficiencies and reliability. They have also the advantage of maintaining a clean environment. © 2012 Elsevier Ltd.
Aqra F.,Bank of The West
Metallurgical and Materials Transactions A: Physical Metallurgy and Materials Science | Year: 2014
This article provides a new model for predicting the surface tension of molten alkali halides, because the subject is worthy of investigation. A relationship exists between the surface tension (γ) at the melting point (T m ), molar volume (V), internuclear distance (D), and radius ratio (r+/r-). The basic idea results from the assumption that all of the parameters are constants. The relation depends on the reliability and accuracy of all the constants on which it is based. The formula was examined and showed remarkable agreement between the calculated surface tension and experimental data within a difference of less than 10 pct for most of the salts studied. © 2014 The Minerals, Metals & Materials Society and ASM International.
Pietersz R.N.I.,Bank of The West
Transfusion | Year: 2011
The aim of this article is to reflect on the historical background on what urged the authors in the 1980s to investigate the prolonged storage of whole blood at ambient temperature before component preparation, the routine implementation of the method in the Netherlands, and the effect on logistics and plasma procurement. © 2010 American Association of Blood Banks.
Mononuclear copper(ll) aspirinate or salicylate complexes with methylimidazoles as biomimetic catalysts for oxidative dealkylation of a hindered phenol, oxidation of catechol and their superoxide scavenging activities
Abuhijleh A.L.,Bank of The West
Inorganic Chemistry Communications | Year: 2011
Mononuclear complex bis(aspirinato) bis(2-methylimidazole) copper(II), Cu(asp)2 (2-MeIm)2 (1), has been synthesized and spectroscopically characterized. The biomimetic catalytic activities of this complex and our previously characterized complexes, Cu(asp)2 (1,2-MeIm)2 (2), Cu(Hsal)2 (1,2-MeIm)2 (3), and Cu(sal)(2-MeIm)3, (4) [H2sal = salicylic acid and MeIm = methylimidazole], for the oxidation of 3,5-di-tert-butylcatechol to the corresponding o-quinone and the oxidative dealkylation of 2,4,6-tri-tert- butylphenol to 2,6-di-tert-butyl-1,4-benzoquinone and 4,6-di-tert-butyl-1,2- benzoquinone as the main products are reported. Complexes 1 and 2 are found to be potent SOD mimics and their SOD activities are compared with those obtained previously for complexes 3 and 4. © 2011 Elsevier B.V. All rights reserved.