KANA Software and Bridge Bank Complete Term Sheet for Financing

• Press Release
• Source: KANA Software, Inc.
• On 9:55 pm EDT, Tuesday July 7, 2009

MENLO PARK, CA--(Marketwire - 07/07/09) - KANA Software, Inc. (OTC.BB:KANA - News), a world leader in multi-channel customer service, today announced that it has executed a term sheet for subordinated debt financing in the amount of $1 million. The debt financing is expected to close on or before July 31, 2009.

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The subordinated debt financing is part of the recently extended Loan & Security Agreement between KANA and Bridge Bank. The term sheet proposal is for subordinated debt financing, which provides for an extension of the covenant date for funding the debt facility from July 7 to July 31 and a reduction of the covenant amount from $2,000,000 to $1,000,000 at closing. The final agreement, which is subject to approval by the Bank and the subordinated debt lender, provides that KANA will be in full compliance with its debt covenants at closing. The net proceeds of the financing are to be used for general corporate purposes. KANA said that it expects the financing to be sufficient for its current working capital needs.

About KANA

KANA is a world leader in multi-channel customer service. KANA's integrated solutions allow companies to deliver consistent, managed service across all channels, including email, chat, call centers and Web self-service, so customers have the freedom to choose the service they want, how and when they want it. KANA's clients report double-digit increases in customer satisfaction, while reducing call volumes by an average of 20 percent. KANA's award-winning solutions are proven in more than 600 companies worldwide, including approximately half of the world's largest 100 companies. For more information, visit www.KANA.com.

NOTE: KANA is a registered trademark of KANA Software, Inc. All other company and product names may be trademarks of their respective owners.

 
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