Efftec International, Inc. Receives $100,000 Credit Facility From Regions Bank in Tampa
/EINPresswire.com/ -- LAS VEGAS, NV -- (Marketwired) -- 08/09/16 -- Efftec International, Inc., (OTC PINK: EFFI), a supplier of hardware and nutrients for the hydroponics and indoor plant growth markets, is pleased to announce that it received an unsecured line of credit from Regions Bank in Tampa, Fla., in the amount of $80,000 at 7 percent per annum to fund the Company's expansion plans. In addition, the Company was issued an additional $20,000 credit card for working capital needs and to improve the ability for the Company to use merchant banking with its suppliers. The Company plans on filing the Line of Credit in its supplemental filings located on www.otcmarkets.com.
As previously announced, as a result of its recent acquisition of The Future Farms (www.thefuturefarms.com), a refreshed and relaunched business-to-consumer (B2C) eCommerce website platform is now available. In addition, Red Light Bakers, LLC, a wholly-owned subsidiary of the Company, continues to receive repeat purchase orders from a Detroit-based customer for its high-intensity discharge (HID) grow lamps and the Company continues to implement its consumer branding strategy with a unique product line that includes Red Light Bakers, XE Lighting, Budz Grow Shades, Gro Shedz personal grow systems as well as other products currently in development.
Based on these developments, the Company now expects business to accelerate quickly as the State of Florida enters one of its primary growing seasons. Dr. John Morris, CEO of Efftec International, Inc. noted, "We are very pleased and excited to be working with Regions Bank as they see our business growing profitably by extending business credit. In addition, we will not have to tap the equity markets for any toxic financing based on the amount of credit we were provided. We are now cash flow positive and see no need for additional financing in the short term. We continue to look for accretive acquisitions that would increase our return on investment to our shareholders."
Efftec International. Inc. (OTC PINK: EFFI) is a holding company whose mission is to continue its steady growth and become a market leader through strategic acquisitions and organic growth. The company's core business focus is on sales of hardware and nutrients into the hydroponics and indoor growth markets.
This Press Release may contain, among other things, certain forward-looking statements, including, without limitation, (i) statements with respect to the Company's plans, objectives, expectations and intentions; and (ii) other statements identified by words such as "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans" or similar expressions. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company's control).
Efftec International, Inc.