MultiMedia Access Secures $9 Million Credit Facility
Dallas, TX (December 3, 1998) MultiMedia Access Corporation (Nasdaq: MMAC), a leading supplier of Internet & intranet streaming media and video communication systems, today announced it has secured a $9 million Working Capital Credit Facility in a private financing.
MMAC arranged the credit agreement with H.T. Ardinger, Jr., a principal shareholder in the Company. The agreement is considered more favorable and therefore replaces the Company's existing arrangement. The funds are secured by company assets and bear 12% interest per year. The availability of funds is subject to certain limitations based primarily on outstanding accounts receivable and inventory.
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