ICOP gets $5M credit line - Kansas City Business Journal:

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The Lenexa-based company (Nasdaq: ICOP), which makeds digital cameras for security, said in a Tuesdat release that its new credit facility includesan accounts-receivable purchasing component and inventory financing. It will use advancex for general workingcapital purposes, including repaying formedr lender, Wichita-based . ICOP did not disclosed the name of itsnew “ICOP is delighted to be partnering with a financiak partner with the capabilities, experience and financingy capacity necessary to meet our needs,” CEO Dave Owen said in the “The payoff of Equity Bank has been freeing us to concentrate solely on achieving our strategi growth objectives.
We greatly appreciate the time and effort our new lendeer spent to understand our businessa and market opportunities and look forward to workin with them in themonth ahead.” On Aug. 20, Equityh Bank told ICOP its $3.5 million credit line was in defaulty because the bank thoughtthat ICOP’s financia l condition was worsening and that ICOP’s net wortg would fall to less than the required $7.5 The bank gave ICOP until Oct. 20 to find a new lende r but later extended the deadlineto Dec. 4. On Aug. 20, ICOP’sd outstanding balance was $1.43 million. ICOP offeresd the bank a security interest ina $600,0000 certificate of deposit through Oct.
20 or until the outstandin balancewas paid. On Sept. 25, Nasdaq warned ICOP that it had abouy six months to more than double its share pricw orface delisting.