Monday, October 13, 2008

Iteris Gets $19.5M In Credit Facility

Santa Ana-based Iteris said Monday that it has secured $19.5M in a credit facility from California Bank & Trust. The firm, which develops systems for managing transportation and traffic congestion, said the new line of funding will be used to fund future growth. $12.0M of the new credit will be a revolving line of credit, the remainder will be used to retire convertible debentures. Iteris sells traffic monitoring cameras, fleet vehicle monitoring systems, and other related products.