Scorpex, Inc. today provided investors with additional information regarding the debt financing commitments announced after the closing bell yesterday. Secured by the equipment, receivables, land and other assets of the Company, the loans are from two different sources for up to $35 million USD.
Chief Executive Officer Joseph Caywood stated, “Unlike many other businesses who are struggling to finance operations, we have had no difficulty securing sufficient financing commitments. Having these commitments in hand within such a short time of signing the equipment agreement with IET demonstrates our ability to secure the financing necessary to continue executing our business plan.”
“We have been very pleased with the warm reception exhibited by these lenders,” Mr. Caywood continued. “The financing will enable accelerated growth of the Company and the ability to achieve milestones sooner than expected, which will subsequently have a dramatic positive effect on shareholder value.”
“As a result of the insatiable demand for local waste disposal and the diverse clientele driving the market, our company is in a highly enviable position to secure abundant financing at very favorable terms. In addition to the substantial commitments mentioned above, we anticipate hearing from several others who may also desire to provide us with competitive low-cost financing,” he concluded.
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