Following record-breaking quarterly and year-endrevenue results, the company announces new capital access to address increaseddemand in the rapidly growing $356 billion fixed broadband market
Manchester, NH - (NewMediaWire) - March 15, 2021 - ZoomTelephonics, Inc., doing business as Minim (OTCQB: MINM) ("Minim"), the creator ofinnovative internet access products, today announced that it has closed on a$13.0 million credit facility in partnership with Silicon Valley Bank in lieuof its previous $5.0 million credit facility. This announcement follows a record-breaking quarter and year inMinim’s revenue.
“We are pleased to work withSilicon Valley Bank on a credit facility that will assist Minim in seeking tosustainably accelerate growth,” said Sean Doherty, CFO of Minim. “From recentmarket analysis, we are optimistic that the post-pandemic era will bringcontinued reliance on telemedicine, hybrid remote work models, remoteeducation, streaming entertainment, and Gigabit speeds—making performant, securehome WiFi a global imperative. Through our expanded credit facility, Minim willinvest in sales, marketing, and new product introductions to address the demandfor advanced connectivity products that homes need.”
Minim delivers smartsoftware-driven communication products under the globally-recognized Motorola®brand. The company’s cable modem, gateway, router, and MoCA systems can befound in retailers and e-commerce channels nationwide, including: Best Buy,Target, Walmart, Microcenter, and Amazon. The company’s connectivity hardwareand software are also available for purchase via over 130 Internet ServiceProviders and technology distributor Telarus.
"Minim is deliveringhigh-quality software, hardware and services to connect customers and homes inthe US and internationally," said Sarah Kwan, Vice President of TechnologyBanking at Silicon Valley Bank. "We are proud to work with the Minim teamand support the company's growth."
For more information aboutMinim, visit www.minim.com.
About Minim
Zoom Telephonics, Inc., doingbusiness as Minim (OTCQB: MINM) is the creator of innovative internet accessproducts that dependably connect people to the information they need and thepeople they love. Headquartered in Manchester, NH, the company delivers smartsoftware-driven communications products under the globally recognized Motorola®brand. Minim end users benefit from a personalized and secure WiFi experience,leading to happy and safe homes where things just work. To learn more,visit www.minim.com.
MOTOROLA and the Stylized MLogo are trademarks or registered trademarks of Motorola Trademark Holdings,LLC and are used under license.
Forward-Looking Statements
This release containsforward-looking information relating to Minim’s plans, expectations, andintentions, including statements about the effects of the merger. Actualresults may be materially different from expectations as a result of known andunknown risks, including: risks associated with Minim’s potential inability torealize intended benefits of the merger; the potential increase in tariffs onthe company's imports; potential difficulties and supply interruptions frommoving the manufacturing of most of the company’s products to Vietnam;potential changes in NAFTA; the potential need for additional funding whichMinim may be unable to obtain; declining demand for certain of Minim’sproducts; delays, unanticipated costs, interruptions or other uncertaintiesassociated with Minim’s production and shipping; Minim’s reliance on severalkey outsourcing partners; uncertainty of key customers’ plans and orders; risksrelating to product certifications; Minim’s dependence on key employees; uncertaintyof new product development, including certification and overall project delays,budget overruns, and the risk that newly introduced products may containundetected errors or defects or otherwise not perform as anticipated; costs andsenior management distractions due to patent related matters; the impact of theCOVID-19 pandemic; and other risks set forth in Minim’s filings with theSecurities and Exchange Commission. Minim cautions readers not to place unduereliance upon any such forward-looking statements, which speak only as of thedate made. Minim expressly disclaims any obligation or undertaking to releasepublicly any updates or revisions to any such statements to reflect any changein Minim’s expectations or any change in events, conditions or circumstance onwhich any such statement is based.
Contact:
Sean Doherty
CFO, Minim
sean@minim.com