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Ribbon Expects Minimal Impact from Silicon Valley Bank ClosurePLANO, Texas, March 13, 2023 /PRNewswire/ -- Ribbon Communications Inc. (Nasdaq: RBBN), a global provider of real time communications technology and IP optical networking solutions to many of the world's largest service providers, enterprises, and critical infrastructure operators to modernize and protect their networks, today announced that it does not expect the closing of Silicon Valley Bank (SVB) to have a significant impact on its operations. "As we disclosed in our Form 8-K filing, we withdrew funds on deposit with SVB as of March 9, 2023, and expect customer deposits that were made after that date to be fully available to us, based on the FDIC's statement that all insured depositors will have access to their deposits starting today," said Mick Lopez, EVP and CFO, Ribbon. "Additionally, while SVB was one of the lenders under our Credit Facility, we are confident that other lenders under this Facility will be able to fund any requested draws on the revolver, enabling us to continue our operations unimpeded." Ribbon follows a diversified strategy when it comes to deposit and lending institutions, allowing it to minimize risk and ensure ongoing access to woring capital. The company continues to monitor the situation with respect to the closure of SVB. About Ribbon Important Information Regarding Forward-Looking Statements These factors are not intended to be an all-encompassing list of risks and uncertainties that may affect Ribbon Communications' business and results from operations. Additional information regarding these and other factors can be found in the reports filed by Ribbon Communications with the Securities and Exchange Commission, including, without limitation, its Form 10-K for the year ended December 31, 2021. In providing forward-looking statements, Ribbon Communications expressly disclaims any obligation to update these statements publicly or otherwise, whether as a result of new information, future events or otherwise, except as required by law. Investor Contact Media Contact View original content to download multimedia:https://www.prnewswire.com/news-releases/ribbon-expects-minimal-impact-from-silicon-valley-bank-closure-301770676.html SOURCE Ribbon Communications Inc. |