Winning Brands Access to Accounts Receivable Financing Increased to $500,000
June 30 2008 - 12:04PM
Marketwired
BARRIE, ON (FRANKFURT: WMU) (www.WinningBrands.ca) has received
approval by Bibby Financial Services
(http://www.bibbyfinancialservices.com/about_us.aspx) for a
$250,000 Accounts Receivable credit facility for its Winning
Brands' subsidiary Niagara Mist Marketing Ltd that is in addition
to the existing $250,000 announced September 6, 2007. The earlier
facility was used primarily for the financing of Winning
Colours(TM) Stain Remover receivables through distribution
affiliate XMG Corporation. The new facility will support Winning
Brands' rollout of KIND(TM) Laundry Products, CLEAN1(TM) Outdoor
Cleaner. TrackMoist(TM) Dust Suppression Solution and other
products.
The purpose of an accounts receivable financing facility is to
provide Winning Brands with cashflow from sales of its products
more rapidly, accelerating access of up to 85% of sales invoices
within 48 hrs. of the delivery of goods compared with waiting for
the traditional 30-90 day term period. Winning Brands customers
however still enjoy traditional terms because Bibby carries the
receivable for the duration of the term instead. Winning Brands CEO
Eric Lehner comments that the additional facility reflects Winning
Brands' desire to complement capitalization initiatives with
standard commercial instruments where possible for a nuanced
approach to its needs. "We appreciate this vote of confidence in
Winning Brands by a financial organization of Bibby's stature,"
says Lehner. "This facility will be particularly helpful when the
size of purchase orders increases in the U.S. retailing
environment."
Winning Brands Corporation is an environmental company. Its
mission is to replace hazardous chemicals in widespread use with
safer alternatives, with initial emphasis on cleaning products.
Main production is at the Grand Rapids facility of Surefil, LLC
with some sizes and prototypes being made at Niagara Mist's St.
Catharines, Ontario facility.
Certain statements in this news release that are not historical
facts are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
may be identified by the use of words such as "anticipate,"
"believe," "expect," "future," "may," "will," "would," "should,"
"plan," "projected," "intend," and similar expressions. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of Winning Brands Corporation (the
Company) to be materially different from those expressed or implied
by such forward-looking statements. The Company's future operating
results are dependent upon many factors, including but not limited
to the Company's ability to: (i) obtain sufficient capital or a
strategic business arrangement to fund its expansion plans; (ii)
build the management and human resources and infrastructure
necessary to support the growth of its business; and (iii)
competitive factors and developments beyond the Company's control.
Winning Colors, Winning Colours, KIND, CLEAN1 and TrackMoist are
trademarks of Niagara Mist Marketing Ltd.
Information: Winning Brands Corporation Office Direct (705)
737-4062 11 Victoria Street, Suite 220A Barrie, Ontario, Canada L4N
6T3 News@WinningBrands.ca
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