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SAN Holdings Inc., dba subsidiary Storage Area Networks (OTC Bulletin Board: SANZ), a supplier of best of breed integrated data storage solutions and data storage appliances and services today announced it has completed a line of credit financing agreement with Wells Fargo Business Credit, Inc.
Under the terms of the financing agreement, Wells Fargo will provide a revolving line of credit to SANZ of up to $2.5 million. The agreement is for a three-year term. Line availability will be based upon the accounts receivable borrowing base and other covenants. SANZ intends to use the financing for working capital requirements and the ongoing development of integrated solutions products.