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VIB TV Gets $1.5M Line of Credit

7/27/2004 6:21 AM Eastern

Video Internet Broadcasting Corp. (VIB TV) said Tuesday that it has secured a $1.5 million line of credit from Zions Bank of Utah, a subsidiary of Zions Bancorporation.

Earlier this month, VIB TV reached a deal to provide "triple-play" services -- voice, video and data -- over iProvo, the new, municipally owned fiber optic network in Provo, Utah.

VIB TV also secured a $750,000 convertible debt offering in early 2004 from Salt Lake City-based Faraday Financial. Prior to that, the company raised roughly $2 million in both equity and convertible debt through private transactions with accredited investors.

“This line of credit demonstrates our commitment to the success of our HomeNet telephone, television and Internet services over the iProvo network," VIB TV president and chief financial officer Mike Devine said in a prepared statement.

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