Hollund Industrial Marine Secures Funding For Acqu
Post# of 17862
Posted On: 06/26/2013 9:35:30 AM
Hollund Industrial Marine Secures Funding For Acquisition & Concession Development
BLAINE, Wash., June 26, 2013 /PRNewswire/ -- Hollund Industrial Marine, Inc. (PINKSHEETS: HIMR) ("Hollund" or the "Company") announced today that the Company has secured an intermediate funding facility from a Santa Fe, private equity firm, guaranteeing up to $350,000 to secure and develop an underwater timber concession.
"Making sure we have all of the appropriate resources to secure a concession is our primary capital requirement," stated Peter Meier," President of Hollund. "The company is now well positioned to aggressively pursue the consummation of this endeavor."
With capital in hand to sure up and secure Hollund's position, Sr. Executives, as well as the Latin American Development Team Coordinator are en-route to Latin America with the expectation of formalizing what could become the company's first concession.
The funding facility established for HIMR has been provided in the form of a loan. The loan matures in 16 months and interest payments are collateralized against future earnings of the anticipated concession(s). At present, it is estimated that HIMR will require no more than $350k to secure at least one, if not both of the targeted concessions.
Meier concluded, "While the capital secured is not a lofty sum, it is 'minimalist' by design. We now have what is needed to fortify our position and give us the greatest probability of closing. There will certainly be additional capital needs to follow. However, in an attempt to be prudent and mindful of our current capital structure and shareholder base, we will cross each bridge as we approach. For now, we are just pleased to know we are essentially ready and able to finalize our first concession."
About Hollund Industrial Marine, Inc.
BLAINE, Wash., June 26, 2013 /PRNewswire/ -- Hollund Industrial Marine, Inc. (PINKSHEETS: HIMR) ("Hollund" or the "Company") announced today that the Company has secured an intermediate funding facility from a Santa Fe, private equity firm, guaranteeing up to $350,000 to secure and develop an underwater timber concession.
"Making sure we have all of the appropriate resources to secure a concession is our primary capital requirement," stated Peter Meier," President of Hollund. "The company is now well positioned to aggressively pursue the consummation of this endeavor."
With capital in hand to sure up and secure Hollund's position, Sr. Executives, as well as the Latin American Development Team Coordinator are en-route to Latin America with the expectation of formalizing what could become the company's first concession.
The funding facility established for HIMR has been provided in the form of a loan. The loan matures in 16 months and interest payments are collateralized against future earnings of the anticipated concession(s). At present, it is estimated that HIMR will require no more than $350k to secure at least one, if not both of the targeted concessions.
Meier concluded, "While the capital secured is not a lofty sum, it is 'minimalist' by design. We now have what is needed to fortify our position and give us the greatest probability of closing. There will certainly be additional capital needs to follow. However, in an attempt to be prudent and mindful of our current capital structure and shareholder base, we will cross each bridge as we approach. For now, we are just pleased to know we are essentially ready and able to finalize our first concession."
About Hollund Industrial Marine, Inc.
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