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Press ReleaseEZchip Technologies Secures Additional $4 to $6 Million Financing
With a Credit Facility Extended from Plenus Venture Lending
Yokneam, Israel, September 13, 2006 -- EZchip Technologies Ltd. (a subsidiary of LanOptics Ltd., NASDAQ:LNOP), a fabless semiconductor company providing high-speed network processors, today announced that it has secured a credit line of $4 to $6 million from Plenus Venture Lending.
The credit line facility consists of a $4 million loan for up to three years, which may be increased to $6 million upon achievement of certain operational milestones.
“This additional financing will help EZchip to realize its roadmap and business plan while minimizing shareholder dilution,” said Dror Israel, CFO of EZchip. “With a substantial design-win base dominated by leading tier-one system vendors, a strong roadmap and a solid financial foundation, we feel confident that EZchip is on track for a significant share of the growing NPU market, targeted at the booming Carrier Ethernet market.”
About EZchip Technologies EZchip Technologies is a fabless semiconductor company that provides high-speed network processors. EZchip’s network processors provide the flexibility and integration that enable triple-play data, voice and video services in systems that make up the new Carrier Ethernet networks. Flexibility and integration make EZchip's solutions ideal for building systems for a wide range of applications in telecom networks, enterprise backbones and data centers. For more information on EZchip, visit our web site at http://www.ezchip.com.
About Plenus Plenus Venture Lending is managed by Moti Weiss and Ruthi Simha. Plenus provides revenue stage high-tech companies with credit lines and loans between $1-10 million. Plenus currently manages about $110 million and is backed by Israel's largest financial institutions as well as US based investors. To date, the fund has provided credit facilities totaling over $130 million to approximately 35 companies including: Wintegra, Insureworx, XMPie, Celtro, and Provigent. For more information on Plenus, please visit http://www.plenus.co.il.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products, product demand and market acceptance risks, customer order cancellations, reliance on key strategic alliances, fluctuations in operating results, delays in development of highly-complex products and other risks detailed from time to time in LNOP filings with the Securities and Exchange Commission. These risks could cause the Company's actual results for 2006 and beyond to differ materially from those expressed in any forward looking statements made by, or on behalf of LNOP.
Contact: Daureen Green, EZchip Technologies Ltd.,
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