Marrone Bio Innovations Announces New $23 Million Accounts-Receivable and Inventory-Backed Credit Facilities
January 09 2020 - 8:31AM
Marrone Bio (NASDAQ: MBII) (MBI), an international leader in
sustainable bioprotection and plant health solutions, today
announced a $13.0 million expansion of its existing
accounts-receivable credit facility which now totals $20.0 million,
as well as the addition of a $3.0 million inventory-backed credit
facility to support the Company as it continues to expand its
customer base.
Pursuant to the terms of the agreement with LSQ
Funding Group (“LSQ”), LSQ may elect to purchase up to $20.0
million of eligible customer invoices from the Company, a
significant increase from the $7.0 million limit established in
2017. In addition, the Company established a new $3.0 million
inventory-backed credit facility with LSQ.
“Our partnership with LSQ has given us excellent
cost-effective financial vehicles by which we can improve our
liquidity and working capital to accommodate our rapid growth,”
said Jim Boyd, President and Chief Financial Officer of Marrone Bio
Innovations. “I expect these facilities to help address the
seasonal demand and varying sales cycles across the various crops
and customers we serve. We look forward to continued success in
2020, driving long-term value creation for our shareholders.”
“We are pleased to renew our strong working
relationship with Marrone Bio Innovations, which has been an
excellent client in our portfolio,” said Dan Ambrico, President and
CEO at LSQ Funding Group. “The company has utilized our products to
enhance its ongoing business success, and the substantial dollar
increase reflected in this year’s amendment, as well as the
addition of a new inventory-backed credit facility, represents our
continued confidence in the growth of their business. We look
forward to our continued partnership with Marrone Bio Innovations
in the future.”
About LSQ
LSQ helps businesses better manage their cash
flow to make the most of whatever they’ve earned. Offering invoice
financing and supply chain finance solutions LSQ provides clients
with a simple, secure, and honest funding experience. LSQ blends
human insights with the analytical power of technology to develop
products that give customers the means to accelerate the flow of
business. LSQ, headquartered in Orlando, Florida, has helped 1000s
of companies access $24 billion in its 20+ years in business. Learn
more about our solutions at https://www.lsq.com/.
About Marrone Bio
Innovations
Marrone Bio Innovations Inc. (NASDAQ: MBII) is a
growth-oriented company leading the movement to more a sustainable
world through the discovery, development and sale of innovative
biological products for crop protection, plant health and waterway
systems treatment that help customers operate more sustainably
while increasing their return on investment. MBI has screened over
18,000 microorganisms and 350 plant extracts, leveraging its
in-depth knowledge of plant and soil microbiomes enhanced by
advanced molecular technologies and natural product chemistry to
rapidly develop seven product lines. Supported by a robust
portfolio of over 400 issued and pending patents, MBI’s currently
available commercial products are Regalia®, Stargus®, Grandevo®,
Venerate®, Majestene®, Haven® and Amplitude®, Zelto® Jet Oxide® and
Jet Ag® and Zequanox®, with a breakthrough bioherbicide and
biofumigant in the Company’s product pipeline. Pro Farm, MBI’s
Finland-based subsidiary, employs a proprietary technology derived
from wood waste to stimulate plant growth and improve plant health,
resulting in improved yields and crop quality. Products include
UBP-110®, LumiBio™, LumiBio Valta™, LumiBio Kelta™, Foramin®.
Learn more about Marrone Bio Innovations at
www.marronebio.com. We also use our investor relations website,
https://investors.marronebio.com, as well as our corporate Twitter
account, @Marronebio, as means of disclosing material non-public
information, and encourage our investors and others to monitor and
review the information we make public in these locations. Follow us
on social media: Twitter, LinkedIn and Instagram.
Marrone Bio Innovations Forward-Looking
StatementsThis press release contains forward-looking
statements that involve substantial risks and uncertainties. Any
statements contained in this press release that do not describe
historical facts may constitute forward-looking statements and
should not be relied upon as representing MBI’s views as of any
subsequent date. Forward-looking statements may include, without
limitation, statements regarding the use of and anticipated results
from the credit facilities and the assumptions underlying or
relating to the foregoing,. Such forward-looking statements are
based on information available to the Company as of the date of
this release and involve a number of risks and uncertainties, some
beyond the Company’s control, that could cause actual results to
differ materially from those anticipated by these forward-looking
statements, the potential of new revenue generating activities,
seasonal, weather, regulatory and other factors affecting demand
for the MBI’s products, any difficulty in marketing MBI’s products
in its target markets, competition in the market for pest
management products, lack of understanding of bio-based pest
management products by customers and growers.
Additional information that could lead to
material changes in MBI’s performance is contained in its filings
with the SEC. MBI is under no obligation to, and expressly
disclaims any responsibility to, update or alter forward-looking
statements contained in this release, whether as a result of
current information, future events or otherwise.
Marrone Bio Innovations Contact: Jim Boyd,
President & Chief Financial Officer Telephone: +1 (530)
750-2800 Email: info@marronebio.com
Investor Relations Contact: Greg Falesnik,
Managing Director MZ Group – MZ North America Main: 949-385-6449
MBII@mzgroup.uswww.mzgroup.us
Marrone Bio Innovations (NASDAQ:MBII)
Historical Stock Chart
From Mar 2024 to Apr 2024
Marrone Bio Innovations (NASDAQ:MBII)
Historical Stock Chart
From Apr 2023 to Apr 2024