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Bedford, Mass.-based Spire SPIR) discussed the action in a filiny with the Securities and Exchange Commissionjon Wednesday. The company's borrowings on a line of credit wereabout $2.6 million. Silicon Valleuy Bank granted a waiverfor Spire's defaultds for not meeting quarterly liquidity and profit On Tuesday, the bank modified Spire's net incomes covenant in exchange for a 0.75 percent increase in the company's interest rate, for Spire lost $508,000 in the firstg quarter, compared to a net loss of $1.75 million in the year-ago period.
The compan said it has a history of significantoperating losses, but it believes it has sufficient resourcees to continue as a gointg concern through at least March 31, 2009, according to the SEC Silicon Valley Bank is owned by Santa Clara-basedf (NASDAQ: SIVB).
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