Video Internet Broadcasting secures $1.5 million line of credit from Zions Bank

Fiber Optics Weekly Update, July 30, 2004

Video Internet Broadcasting Corporation (VIB/VIB TV), the pioneer in iTPP (integrated Triple Play Provider) voice, video, and data services, announced that it secured a $1.5 million line of credit from Zions Bank of Utah, a subsidiary of Zions Bancorporation.

"This line of credit demonstrates our commitment to the success of our HomeNet telephone, television and Internet services over the iProvo network," said Mike Devine, president and chief financial officer of VIB TV. "Likewise, we know Provo City would like to show its taxpayers that it is serious about having capable, well-established service providers on its iProvo network. This line of credit is validation of the caliber and strength of VIB's business and of its HomeNet 'triple play' service."

In addition to the $1.5 million line of credit, VIB also secured a $750,000 convertible debt offering in early 2004 from Faraday Financial of Salt Lake City. Previous to that, VIB raised roughly $2 million in both equity and convertible debt through private transactions with accredited investors.