PokerTek secures new credit facility

MATTHEWS, North Carolina -- (PRESS RELEASE) -- PokerTek, the industry pioneer and worldwide leader in automated poker tables and related software, announced today that it has entered into a commercial banking relationship, including a working capital based credit facility, with Silicon Valley Bank. The credit facility provides an additional source of liquidity for PokerTek and will be available to support the Company's working capital needs as it continues to execute its growth strategy.

The $5.0 million credit facility has a one year term with a maximum availability of approximately $4.1 million based on specified percentages of PokerTek's accounts receivable and inventory, which will vary from time to time. The credit facility carries an interest rate of prime plus 1.5% and includes covenants and other terms customary for this type of credit facility.

"We are pleased to partner with Silicon Valley Bank," said Mark Roberson, PokerTek's CFO. "We felt it was important to find a financial partner that understood our business and could offer a flexible, non-dilutive source of financing as we expand our footprint in the Casino and Amusement markets. Silicon Valley Bank is one of the premier commercial banks for emerging, growth and mature companies in the technology industry. Accordingly, they understand the working capital needs of fast-growth companies like PokerTek and this facility is a key financial building block for us."