Marrone Bio’s Inventory Line of Credit Increased to Support Sales and Manufacturing Growth
January 06 2022 - 9:01AM
Marrone Bio Innovations, Inc. (NASDAQ: MBII) has
expanded its existing inventory line of credit to support the
company’s expectations for growth in sales and manufacturing
capacity. Under an amended agreement with LSQ Funding Group, L.C.,
the company can access a maximum of $4.5 million to finance
inventory needs, up from $3 million under a prior agreement.
“The increase in the line of credit for
inventory provides us with greater flexibility to support the
company’s commercial expansion in the near future,” said Chief
Executive Officer Kevin Helash. “This is particularly critical as
we enter the peak selling season in our North American markets to
ensure we have the ability to provide customers with ready access
to our products when they need them.”
About Marrone Bio
Innovations
Marrone Bio Innovations Inc. (NASDAQ: MBII)
is a growth-oriented agricultural company leading the movement to
environmentally sustainable farming practices through the
discovery, development and sale of innovative biological products
for crop protection, crop health and crop nutrition. Our portfolio
of 18 products helps customers operate more sustainably while
increasing their return on investment. The company’s commercial
products are sold globally and supported by a robust portfolio of
more than 500 issued and pending patents. Our end markets
include row crops; fruits and vegetables; trees, nuts and vines;
and greenhouse production. Marrone Bio’s research and development
program uses proprietary technologies to isolate and screen
naturally occurring microorganisms and plant extracts to create
new, environmentally sound solutions in agriculture.
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
Statements
This press release contains forward-looking
statements within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve substantial risks and
uncertainties. All statements, other than statements of historical
facts, included in this press release regarding strategy, product
development, future operations and plans, including assumptions
underlying such statements, are forward-looking statements, and
should not be relied upon as representing the company’s views as of
any subsequent date. 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, including the recent uncertainty in the global economy
and industry-specific economy caused by the COVID-19 pandemic,
consumer, regulatory, weather and other factors affecting demand
for the company’s products, any difficulty in expanding the
company’s sales and marketing infrastructure or marketing the
company’s products in global markets, competition in the market for
herbicide products, lack of understanding of bio-based herbicide
products by customers and growers, adverse actions by distributors,
manufacturers, regulatory agencies and other relevant third
parties. Additional information that could lead to material changes
in the company’s performance is contained in its filings with the
Securities and Exchange Commission. The company 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 new information, future events or
otherwise.
Marrone Bio Innovations Contact:Clyde
MontevirgenVice President of Business Development & Investor
RelationsTelephone: 530-750-2800info@marronebio.com
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