CyberDefender Secures $5 Million Line of
Credit with Guthy-Renker Affiliate GR Match
Media and
Marketing Services Agreement Extended to December 31,
2013
Los
Angeles – December 13, 2010 -- CyberDefender Corporation
(NASDAQ: CYDE), a
provider of Internet security software, utilities and remote
technical support services that work together to maximize online
safety for consumers, today announced that it has secured a $5
million revolving credit loan facility with GR Match, LLC (GRM), an
affiliate of Guthy-Renker LLC, one of the largest and most
respected direct response marketing companies in the
world.
“Utilizing a credit facility
provides the Company with greater flexibility as we continue to
grow and expand our direct response marketing efforts,” said
Gary Guseinov, CyberDefender Chief Executive Officer.
“GRM’s extension of our marketing services agreement
and this additional credit demonstrate their confidence in
CyberDefender’s business and strong future growth prospects.
Sales of our software and service products continue to increase as
a direct result of our successful offline marketing program, and
with a number of exciting new products in the pipeline set to
launch in the first quarter of 2011, we are excited about the
company’s opportunities heading into the new
year.”
Under the terms of the agreement,
funds advanced to CyberDefender by GRM will be used for the payment
of amounts owed to GRM under the Media and Marketing Services
Agreement between CyberDefender and GRM. Interest will
accrue on the outstanding principal amount at a rate of 10% per
annum.
Additionally, in connection with the
credit facility, the term of Me
