T3 Motion Receives Revolving Credit Line Increase From Its Primary Institutional Investors Alpha Capital Anstalt and Brio Cap...
October 24 2013 - 1:18PM
(OTCBB:TTTM)
www.t3motion.com - T3 Motion, Inc.,
the leading provider of EV technology to commercial, consumer,
law-enforcement and government markets, (the "Company" or "T3"),
today announced the limits of its Revolving Line of Credit have
been increased by an additional $250,000 by two of its primary
institutional investors, (the "Facility").
The Facility allows for up to $1,000,000 of borrowings based on
a combination of: i) 90% of the value of eligible Accounts
Receivable, ii) 80% of the market value of finished inventories,
and iii) 25% of the market value of raw materials and sub-assembly
inventories. The Facility bears interest at 7.25% payable monthly
and is secured by the Company's assets. Alpha Capital Anstalt and
Brio Capital Master Fund were both significant investors in the
company funding announced in November 2012 and March 2013.
"T3 Motion is excited to have the continuing support from our
key investors which will provide us the additional working capital
we need to fulfill our sales and revenue growth objectives as well
as the expansion of our sales and marketing efforts to support the
release of our new next generation vehicles due out in November,"
stated William Tsumpes, Chief Executive Officer and Chief Financial
Officer of T3 Motion.
"This additional capital further demonstrates our commitment to
provide T3 Motion with the financial support it needs as it
continues to improve its financial performance under the management
of its new CEO William Tsumpes," stated Shaye Hirsch of Brio
Capital Master Fund.
The Company expects that the proceeds of the Financing will be
used for general working capital purposes, including the purchase
of parts inventory, sales and marketing, and research and
development.
About T3 Motion
T3 Motion, Inc. (OTCBB:TTTM) designs, markets and manufactures
the T3 Patroller and Vision Series Electric Stand-up Vehicles.
Headquartered in Orange County, California, T3 Motion is dedicated
to raising the bar on law enforcement and security capabilities in
personal mobility technology. More than 5,000 T3 vehicles have
been deployed in over 30 countries worldwide. For more
information, visit www.t3motion.com.
"Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995: Statements in this press
release regarding T3 Motion's business, which are not historical
facts, are "forward-looking statements" that are not guarantees of
future performance. Such forward-looking statements are subject to
risks and uncertainties that may cause actual results to differ
materially from those anticipated by the forward-looking
statements. These risks and uncertainties include, among others,
factors associated with market conditions and the satisfaction of
customary closing conditions related to the proposed public
offering. For additional information concerning these and other
factors that may cause actual results to differ from those
contained in the forward-looking statements, see "Risk Factors" in
the Company's Registration Statement filed on Form S-1, as
amended, and in the periodic reports the Company files from time to
time with the Securities and Exchange Commission.
CONTACT: Company Contact
William Tsumpes, CEO
T3 Motion, Inc.
(714) 619-3600