Kowabunga! Get's $20M loan

Yesterday, Kowabunga! released a press release detailing their $20 in new debt funding from Wachovia Bank.

Jody Brown, chief financial officer of Kowabunga!, stated, “The new credit facilities with Wachovia provide us greater financial flexibility at attractive borrowing rates. It will allow us to continue to maintain a strong balance sheet, while providing the company an additional source of capital for general corporate purposes.”

Scott P. Mitchell, president and chief executive officer of Kowabunga!, added, “We are very pleased to continue our long term banking relationship with Wachovia and consider these extended and more flexible credit facilities a strong vote of confidence for what we are building here at Kowabunga!. Access to capital on more flexible terms will enhance our ability to continue on the path of growth, particularly in our Ad Network business, which grew approximately 65% in the fourth quarter of 2007 over the same period 2006.”