MIVA Obtains Credit Facility for up to $10 Million

November 10, 2008

NEW YORK, Nov 10, 2008 (BUSINESS WIRE) — MIVA, Inc., (MIVA:0.44-0.01-2.2%) , a digital advertising and media company, announced today that it has entered into a credit facility for up to $10 million provided by Bridge Bank N.A., a subsidiary of Bridge Capital Holdings (BBNK:7.600.000.0%) . America’s Growth Capital (AGC), a leading investment bank serving emerging growth companies, acted as financial advisor and sole placement agent for MIVA.

The line of credit is expected to support the growth of MIVA’s expanding ALOT toolbar and homepage brand, the roll-out of the company’s new MIVA Media ad platform, as well as providing working capital for general corporate purposes. Availability under the line of credit is determinable by a number of factors. At September 30, 2008, MIVA would have been eligible to draw down approximately $6.5 million under this line of credit.
“I believe this credit line will provide the company liquidity at this pivotal time in our growth and development,” said Peter Corrao, MIVA’s President and CEO, “I believe it represents an important step in our efforts to expand our ALOT toolbar and homepage brand, as well as support the roll-out of our new MIVA Media ad platform, which we launched in beta earlier this month.”
“MIVA is executing well on its transition plan and has a broad range of growth initiatives in place across both its Direct and Media divisions,” commented Paul Gibson, Senior Vice President of Bridge Bank’s Eastern Region Technology Banking Division. “Their technology and management team make MIVA an ideal addition to Bridge Bank’s growing portfolio of East Coast technology clients.”
About Bridge Bank, N.A. and Bridge Capital Holdings
Bridge Bank, N.A. is Silicon Valley’s full-service professional business bank. The bank is dedicated to meeting the financial needs of small, middle-market, and emerging technology businesses. It provides a comprehensive package of business banking solutions delivered through experienced, professional bankers. Bridge Bank is a unit of Bridge Capital Holdings, which holds a Global Select listing on The NASDAQ Stock Market under the trading symbol “BBNK.” Visit Bridge Bank at www.bridgebank.com.
About America’s Growth Capital, LLC
America’s Growth Capital is a national, emerging growth focused investment bank. The firm’s 82 transactions in just 5 years have ranged in size from $5 million to $1 billion and have included buyouts, buy-side and sell-side advisory assignments, PIPEs, IPOs, Follow-ons, private placements and fairness opinions. With offices in Boston and Silicon Valley, the firm is solely focused on discovering and working with exciting high growth companies which they hope will be potential acquisition or investment opportunities. For more information on AGC, visit www.americasgc.com.
About MIVA(R), Inc.
MIVA, Inc. (NASDAQ:MIVA – News) is a digital media company with a mission to deliver valuable digital audiences to advertisers. MIVA has two focuses to its business: owning and operating a growing portfolio of consumer destination sites and interest-specific toolbars, through its MIVA Direct division; and running a third-party contextual Pay-Per-Click ad network focused on key vertical sectors, through its MIVA Media division. MIVA, Inc. operates across North America and in Europe.
Forward-looking Statements
This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words or expressions such as “anticipate”, “plan,” “will,” “intend,” “believe” or “expect'” or variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including (1) cash requirements, (2) our ability to successfully execute upon our corporate strategies, (3) our ability to develop and successfully market new products and services, (4) the potential acceptance of new products in the market, and (5) our compliance with loan covenants. Additional key risks are described in MIVA’s reports filed with the U.S. Securities and Exchange Commission, including the Form 10-K for fiscal 2007 and our most recently filed Form 10-Q.
(R)Registered trademark
SOURCE: MIVA, Inc.
MIVA, Inc.
Lowell Robinson, 239/561-7229
Lowell.Robinson@miva.com

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Media and Wedia

November 10, 2008

Last week I ran into my daughter’s room and excitedly told my wife that I thought I may have coined a term (this heady little insight is on my list of things to “do before I die”)….I was thrilled.  I’ve been immersing myself in everything Web 2.0, ever since attending the Web 2.0 Expo.  I was thinking about MIVA, Alot.com, and how interactive Media is being effected by the wave of Social Media.  I was feeling relatively pleased with myself after having labeled my Miva project (We)iva – so that I can track my first 100 days at the company  – and it hit me…this isn’t MEdia, it’s WEdia!  

WEDIA!

I did it! I coined a term…the euphoria was short lived, after I did a quick Google Search and realized the term has been around for a while now.  

Bummer. 

I’m not discouraged – I’m sure some day I’ll coin a term – either way – Wedia is a term I’m diggin’ right now.


Alot.com

November 10, 2008

The product team are killing it at Alot.com!  In the past three weeks, I’ve seen 2 iterations of the home page.  It just keeps getting better! Can’t wait to meet everyone.  

You can see that the team is paying attention to the current zeitgeist online regarding tapping into the power of the masses.  These downloadable toolbars help to make the users online experience easier, and more dynamic.  I’ll write more about this later (I’m in the process of digesting some great information from a Harvard Business Review Article – “The Contribution Revolution” – Letting Volunteers Build Your Business.  If past experience is any indicator, I’m sure I’ll stumble upon a few gems in HBR that can help out the manner in which MIVA is currently tapping the user base. 

Stay tuned.


Cornell Executive MBA Program

November 10, 2008

WHAT?

Last week I had the opportunity to attend the Cornell Johnson School EMBA information session at the Cornell Club in Midtown.  

WHY?

Recently I’ve been assessing my standing in my career, and I’ve been able to point out weaknesses that I need to address.  I’ve been blessed to have a phenomenal undergraduate experience at Loyola College in Maryland.  Upon graduating with a BA in Psychology I quickly determined that I needed to enhance my education in business.  I then attended NYU’s School of Continuing and Professional Studies – receiving an MS in Direct Marketing by the time I was 24 years old.  I had laser focus and determination to succeed, but little or no on the job experience.  I’m going to be 34 years old in February, and after pushed myself in my career, I’m at a point where I am so thirsty for knowledge that I need more.  More direction – more structure, and more information.  I continue to devour business books, (both audio and print)…but I find that it’s just not enough. The interactive industry moves much too fast to become complacent. I’m more motivated to create something worthwhile now than ever before. I know that I have so much to learn, and I see no other institution better to provide that path than Cornell University. 

WHEN?

I’m hoping to gain acceptance into the program for the July session.   This program is highly unique with a true weekend format.  This provides the ability to learn, and not have the program cut into your work schedule whatsoever.


Goals, Audiobooks, and EMBA’s

November 10, 2008

I know I mentioned on this blog that I’m a bit obsessed with audiobooks.  I’m thirsty for knowledge and I find that I can ingest the greatest volume of information as efficiently as possible in this format.  

Recently I’ve been listening to another great audiobook called Goals! How to Get Everything You Want Faster Than You Ever Thought Possible by Brian Tracy. Setting Goals, seems like an obvious thing for professionals to do, but not everyone sits down and actually maps out what they’d like to achieve. I try to do this as often as possible.  Trust me – it’s not as easy as you think, and it will challenge you to focus on what you really want.  Give it shot.

Another audiobook that I’ve been “re-listening” to (I tend to go over the ones I really like a few times over the course of months). is:  Today Matters: 12 Daily Practices to Guarantee Tomorrow’s Success

Jon C Maxwell discusses in this book how leaders are readers of themselves.  He addresses the value of introspection, and self analysis.  I continually address my own strengths, skills, weaknesses and current state of mind.  Recently while doing this, it dawned on me that I’m a perfect candidate for an EMBA program.  So I aggregated as much information on the topic as possible, and began to hone in on the Cornell EMBA program here in New York.  Last week I attended an information session, and I’m in the process of filling out the application.  I also met with the Dean of the Fordham University EMBA program.  As I evaluate which program will suite my needs I’ll look to see which will help me develop new skills, fill in gaps in my current ability, and reinforce, and cultivate my strengths.  Although I already hold an MS in Direct Marketing from NYU, I understand that I received this degree when I was much younger, and with much less responsibility in my work environment.  Today as I find myself so thirsty for knowledge regarding management, I see an EMBA as the natural progression of my education.  Who knows what the future may hold, but I know for certain that I will continue to grow, and change – because without change – there can be no growth.  I not only commit to change, but I seek it.   I know I’m not perfect, but I don’t hide those things from myself.  I confront them head on, and evaluate how to improve them. I hope that you do too.


Best questions

November 10, 2008

I have one week before I start my new job at MIVA, Inc.  I’m excited and nervous at the same time. I feel like I’m getting ready for my first day of school.  I’ve been aggressively thinking about what I can immediately bring to the table.   I’ve compiled a list of questions that I want to ask each MIVA employee.  I encourage any of you that are reading this to comment, and – either answer me directly – or I at least introduce yourself.  

1. What’s the essence of what MIVA stands for?  

2. What are some successes that each of your teammates share?

3. What has been a common trait of people that have failed at MIVA in the past?

4. Who are the 5 most influential people in the company, and why?

 

If you feel odd sharing this information in a public setting, then I encourage you to share with me directly at chrisdessi@gmail.com

 

 

Looking forward to hearing from everyone.