BEDFORD, Mass., July 14, 2011 – iRobot Corp. (NASDAQ: IRBT), a leader in delivering robotic technology-based solutions, announced today that it has signed a two-year extension to its existing credit agreement with Bank of America and increased the amount of its unsecured revolving line of credit from $40 million to $75 million. The agreement extends the term of the company’s credit facilities for an additional two years from June 2012 to June 2014.
The revolving line of credit is available to the company for general corporate purposes, including strategic acquisitions. With its existing cash and investments, the additional credit capacity will significantly increase the company’s access to the financial resources for working capital and expansion needs.
This facility gives iRobot additional flexibility to execute on our growth strategy including pursuing acquisitions that will expand penetration of our current markets or give us access to new markets and customers," said John Leahy, executive vice president and chief financial officer of iRobot. "The increase and extension of this credit facility demonstrate Bank of America’s confidence in the overall financial strength of iRobot and our potential growth opportunities."
About iRobot Corp.
iRobot designs and builds robots that make a difference. The company’s home robots help people find smarter ways to clean, and its government and industrial robots protect those in harm’s way. iRobot’s consumer and military robots feature iRobot Aware® robot intelligence systems, proprietary technology incorporating advanced concepts in navigation, mobility, manipulation and artificial intelligence. For more information about iRobot, please visit www.irobot.com.
For iRobot Investors
Certain statements made in this press release that are not based on historical information are forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This press release contains express or implied forward-looking statements relating to, among other things, iRobot Corp.’s expectations concerning management's plans, objectives and strategies. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. iRobot Corp. undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For additional disclosure regarding these and other risks faced by iRobot Corp., see the disclosure contained in our public filings with the Securities and Exchange Commission including, without limitation, our most recent Annual Report on Form 10-K.