VIB secures $1.5 million line of credit from Zions

Washington-based Video Internet Broadcasting Corp. said Tuesday it has secured a $1.5 million line of credit from Zions Bank, a subsidiary of Salt Lake-based Zions Bancorp.

VIB provides voice, video and data services.

"This line of credit demonstrates our commitment to the success of our HomeNet telephone, television and Internet services over the iProvo network," said Mike Devine, president and chief financial officer of VIB TV. "Likewise, we know Provo City would like to show its taxpayers that it is serious about having capable, well-established service providers on its iProvo network. This line of credit is validation of the caliber and strength of VIB's business and of its HomeNet 'triple play' service."

Earlier this year, VIB secured a $750,000 convertible debt offering from Faraday Financial of Salt Lake City. Prior to that, it had raised roughly $2 million in both equity and convertible debt through private transactions.