Funding Update (9215C)
15 Março 2011 - 4:00AM
UK Regulatory
TIDMADID TIDMADIS
RNS Number : 9215C
Armor Designs, Inc.
15 March 2011
Press Release 15 March 2011
Armor Designs Inc.
("Armor Designs" or "the Company" or "ADI")
International Bank Financing
Armor Designs Inc., (AIM: ADID, ADIS), the knowledge-based
designer and manufacturer of composite armour products, is pleased
to announce that GBC International Bank ("GBCIB") has, extended to
ADI, a $700,000 USD credit facility in the form of a "transaction
specific" revolving line of credit, to be used for the fulfillment
of international purchase orders and for international accounts
receivables. GBCIB is a an international trade bank, located in
Monterey Park, California, and is a "Preferred Lender" for the U.S.
Small Business Administration ("SBA") and ranks fifth in the U.S.A.
as a "Delegated Authority Lender" for the U.S. Export Import Bank
("EXIM").
Under the terms of the credit facility, Armor Designs, LLC is
extended a one-year renewable revolving line of credit with an
initial borrowing base of $700,000 USD. The type and purpose of the
credit facility is a "transaction specific" line of credit to be
utilized for advances on pre-shipment financing and post-shipment
financing. The initial $700,000 USD government-backed loan
guarantees will be provided by the SBA, but future loan guarantees
may also come from the EXIM loan guarantee program, depending on
the type of "transaction".
Other conditions of the debt facility are advance rates on up to
75% on eligible export related pre-shipment inventory and up to 90%
on export related accounts receivable. Advances on the line of
credit will bear interest at a fixed rate of 7.5%. As a form of
collateral, GBCIB and the SBA/EXIM government agencies require a
first security interest in the assets of ADI. In addition, GBCIB
and SBA require ADI and Hawthorne & York International, Ltd.
(parent company of ADI) to be corporate guarantors. The loan will
have typical SBA loan fees, reporting requirements, audit
requirements, and other standard banking requirements that are
common in the industry and common for all SBA/EXIM guaranteed loan
programs.
GBCIB is also in discussion with ADI on a SBA domestic credit
facility for use for domestic purchase orders and domestic accounts
receivables.
Phil Clement, CEO, commented "Signing of the International Bank
facility allows ADI to commence fulfillment of orders and move the
business forward".
For further information please contact:
Armor Designs, Inc.
Phil Clement, Interim CEO Tel: +1 602 275
4633
Phil.Clement@armordesigns.com www.armordesigns.com
Shore Capital and Corporate Ltd.
Anita Ghanekar
Edward Mansfield Tel: +442074084090
Notes to editors
GBCIB is a "Preferred Lender" of the SBA for both their Export
Express Program and the Export Working Capital Program. As a result
of the passing of the $30,000,000,000 USD Small Business Job Act,
GBCIB is now approved to extend their SBA working capital loans up
to a limit of $5,000,000 USD per borrower. In addition, as a
"Delegated Authority Lender" of the EXIM bank, GBCIB has been
granted authority to approve its EXIM loan guarantees up to a limit
of $5 million per transaction. With the designations, of "Preferred
Lender" and "Delegated Authority Lender", GBCIB is enabled to
approve, activate, and increase lines of credit in a more
expeditious manner to further support U.S. exports.
Armor Designs, Inc. ("ADI") is a knowledge-based company
specializing in next-generation composite material design,
manufacture, prototyping and testing for applications and products
for the armor industry. ADI uses a proprietary design and
manufacturing process called VCM to rapidly develop new composite
armor products of superior ballistic, weight and flexibility. The
VCM process is protected by patents and trade secrets licensed to
ADI in perpetuity for use in field of armor.
For more information on Armor Designs, Inc., please go to
www.armordesigns.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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