NEW YORK, NY -- (Marketwired) -- 05/09/13 -- Augme® Technologies, Inc. (OTCQB: AUGT) ("Augme") and its wholly owned subsidiary, Hipcricket®, Inc. ("Hipcricket") (collectively "the Company"), a technology leader in mobile marketing and advertising, announced today that it has secured an accounts receivable credit facility from Silicon Valley Bank. The revolving loan credit facility has a two-year term and allows Augme to borrow up to $5 million based upon a predetermined formula in the credit and security agreement.
"The accounts receivable facility is an efficient way for Augme to access cash without diluting equity," said Ivan Braiker, CEO of Augme. "Our strong relationships with Silicon Valley Bank helped us to secure this non-dilutive financing option, as we prepare for the next stage of growth at Augme."
About Augme Technologies, Inc.
Augme® Technologies, Inc. (OTCQB: AUGT), and its wholly-owned subsidiary Hipcricket, provides a customer engagement platform that empowers brands, agencies and media properties to engage customers, drive loyalty and increase sales via mobile. Hipcricket's customers connect with consumers across every mobile channel, including SMS, 2D/QR codes, mobile websites, advertising networks, social media and branded apps. Hipcricket's proven technology, strategic and marketing services and experienced account management teams have provided measurable success to a broad range of national and regional brand-name leaders (e.g., MillerCoors, Clear Channel) across an industry-leading 250,000+ campaigns.
In addition to AD LIFE®, Augme in 2011 acquired the assets of Hipcricket, Inc. and JAGTAG, Inc. and licenses the digital broadcast platform BOOMBOX®. Augme is headquartered in Kirkland, WA, with operations in New York City, Atlanta, Dallas, Los Angeles, San Francisco, Chicago, and Miami. For more information visit www.augme.com or www.hipcricket.com.
Augme Technologies, Hipcricket®, Augme®, AD LIFE®, BOOMBOX®, AD SERVE® and the Augme logo are trademarks of Augme Technologies, Inc. All rights reserved. 2009-13.
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life sciences, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 28 U.S. offices and six international operations. http://www.svb.com/.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.