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Ad company Miva lands $10 million credit line

Digital advertising and media company Miva secures a multimillion credit line to launch a new ad platform and expand its Alot toolbar.

Miva announced Monday it secured a $10 million credit line, as the digital advertising and media company seeks to expand its brand and introduce a new ad platform amid a troubled economy.

Miva, which received its credit line from a subsidiary of Bridge Capital Holdings, plans to use the proceeds toward expanding its Alot toolbar and homepage brand, as well as its Miva Media ad platform.

The credit line will give some leeway to the company, which initiated a restructuring in the second quarter and announced a 15 percent cut in its workforce.

Miva also rejected the unwelcome advances of British video search site Blinkx in August, saying its buyout offer of $1.20 a share undervalued the company.

"I believe this credit line will provide the company liquidity at this pivotal time in our growth and development," Peter Corrao, Miva's CEO, said in a statement. "I believe it represents an important step in our efforts to expand our Alot toolbar and homepage brand, as well as support the rollout of our new Miva Media ad platform, which we launched in beta earlier this month."