BURLINGTON, Mass., June 19, 2007 – iRobot Corp. (NASDAQ: IRBT) announced today that it has signed a three-year agreement with the Bank of America for a $35 million unsecured revolving line of credit and a one-year agreement with the Banc of America Leasing & Capital, LLC, and TD BankNorth for a $15 million equipment-financing facility. The new credit facilities replace a $20 million secured revolving credit agreement that was entered into in May 2005.
The new revolving line of credit is available to the company for general corporate purposes, including strategic acquisitions. The new equipment line is available for financing leasehold improvements and other assets acquired over the next twelve months for a term of 60 months. With its existing cash and investments, the new credit facilities will significantly increase the company’s access to the financial resources for working capital and expansion needs.
"This facility gives iRobot additional flexibility to execute on our growth strategy including pursuing acquisitions that will expand penetration of our current markets or give us access to new markets and customers where there is high demand for our products," said Colin Angle, chief executive officer of iRobot. "The establishment of this credit facility is an endorsement of our strategy and demonstrates Bank of America’s confidence in the overall financial strength of iRobot and the potential growth of the emerging robotics industry."
"Bank of America is pleased to continue to support iRobot’s growth strategy by arranging this $50 million credit availability, which marks another great milestone in our maturing relationship with the company," said John Hesselmann, president of NE Commercial Banking at Bank of America.
About iRobot Corp.
iRobot is a provider of robots that perform dull, dirty or dangerous missions in a better way. The company’s proprietary technology, iRobot AWARE Robot Intelligence Systems, incorporates advanced concepts in navigation, mobility, manipulation and artificial intelligence. This proprietary system enables iRobot to build behavior-based robots, including its family of consumer and military robots. For additional information about iRobot, please visit www.irobot.com.
For iRobot Investors:
Certain statements made in this press release that are not based on historical information are forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This press release contains express or implied forward-looking statements relating to, among other things, iRobot Corp.’s expectations concerning its business outlook and business momentum and management's plans, objectives and strategies. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. iRobot Corp. undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For additional disclosure regarding these and other risks faced by iRobot Corp., see the disclosure contained in our public filings with the Securities and Exchange Commission including, without limitation, our most recent Annual Report on Form 10-K.
| Contact: | |
| Elise Caffrey Investor Relations (781) 418-3003 ecaffrey@irobot.com |
Nancy Dussault Media Relations (781) 418-3323 ndussault@irobot.com |