Vertex Energy, Inc. Secures $3.5 Million Line Of Credit From Bank Of America Merrill Lynch
Vertex Energy, Inc. (“Vertex” or the “Company”)(OTCBB:VTNR), a leader in the aggregation, recycling and processing of distressed hydrocarbon streams, today announced that it has received approval for a new revolving line of credit of $3.5 million from Bank of America Merrill Lynch (NYSE:BAC) to be used to help fund the operations of the Company.
Vertex Chief Executive Officer Benjamin P. Cowart said, “We are very pleased to be working with Bank of America Merrill Lynch and believe that this relationship can grow over time as Vertex moves forward.” Mr. Cowart continued, “The credit line will be used to provide additional working capital and to help fund our growth. We believe that our new banking relationship will provide us with greater stability in financing our business.”
Further terms of the line of credit agreement are disclosed in the Company’s most recent Form 8-K filed with the Securities and Exchange Commission (SEC).
ABOUT VERTEX ENERGY, INC.Vertex Energy, Inc. (OTCBB:VTNR) is a leader in the aggregation, recycling and processing of distressed hydrocarbon streams thereby reducing the United States’ reliance on foreign crude oil. Vertex’s focus, as a participant in the alternative energy and environmentally friendly investment sectors, is on creating increased value in the products it manages and produces through a variety of strategies and technologies that facilitate the re-refining of used oil and off specification commercial chemical products into higher value commodities. By creating higher value products from distressed hydrocarbon streams, the Company is positioned to produce both financial and environmental benefits. Vertex is based in Houston, Texas with offices in Georgia and California. More information on the Company can be found at www.vertexenergy.com. ABOUT BANK OF AMERICA CORPORATION Bank of America Corporation, a financial holding company, provides banking and nonbanking financial services and products to individual consumers, small- and middle-market businesses, large corporations, and governments in the United States and internationally. The company’s Global Banking segment offers lending products, including commercial loans and commitment facilities, real estate lending, leasing, trade finance, short-term credit, asset-based lending, and indirect consumer loans; capital management and treasury solutions, such as treasury management, foreign exchange, and short-term investing options; and investment banking services comprising debt and equity underwriting and distribution, and merger-related advisory services. Bank of America Corporation serves customers through a network of approximately 6,011 banking centers, 18,262 automated teller machines, telephone, and online and mobile banking channels. The company was founded in 1874 and is based in Charlotte, North Carolina.
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