EUROTECH: liquidity at the Silicon Valley Bank transferred to the new Silicon Valley Bridge Bank N.A.
Amaro (Italy), 14 March 2023 - Eurotech S.p.A. (the "Company" or "Eurotech") announces, with respect to the events affecting the Silicon Valley Bank ("SVB"), that of all cash funds of the USA subsidiary Eurotech Inc. (the "Subsidiary") deposited at the SVB are reported to have been transferred to the new "bridge" bank called Silicon Valley Bridge Bank N.A. established by the Federal Deposit Insurance Corporation ("FDIC") with the intent of fully safeguarding SVB depositors. Confirmations to this effect were received last night, East Coast time, from the new CEO of the "bridge" bank and previously from Secretary of the US Treasury and Chairmans of the Federal Reserve and FDIC. As evidence of this, operations on the new bank account are active.
Cash previously deposited with SVB and now transferred to the new Silicon Valley Bridge Bank N.A. amounts to USD 8.3 million.
Neither the Subsidiary nor other companies of Eurotech's Group have any other relationship with SVB.
The Company and the Subsidiary are constantly monitoring the development of the situation should any necessary or appropriate action have to be taken.
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Eurotech
Eurotech (ETH:IM) is a multinational company that designs, develops and delivers Edge Computers and Internet of Things (IoT) solutions complete with services, software and hardware to system integrators and enterprises. By adopting Eurotech's solutions, customers have access to components and software platforms for IoT, Edge Gateways to enable asset monitoring, and high-performance Edge Computer for applications including Artificial Intelligence (Edge AI). To offer more and more complete solutions Eurotech has activated partnerships with leading companies in their field of action, thus creating a global ecosystem that allows it to create "best in class" solutions for the Industrial Internet of Things. More information: www.eurotech.com
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Eurotech S.p.A. published this content on 14 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 March 2023 08:46:10 UTC.
