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June 14, 2011 /PRNewswire/ -- ValCom, Inc. (VLCO.PK) announced today that subject to the Board of Directors' approval, it will enter into a financing agreement with TRI-PARTNERS, LLC, a
New Jersey based company, which has committed to loaning ValCom
In recent weeks, ValCom has announced that it will dramatically increase the amount of operating capital available to the company through lines of credit and royalties that are due to the company.
The TRI-PARTNERS, LLC funds will be used to:
Assist in financing the process to transfer ValCom's Library to digital media which is already underway, but will now be expedited.
Assist in funding the collection process of royalties due ValCom from ASCAP and BMI, which will now be greatly enhanced with dedicated funding for this specific expense.
Vince Vellardita, CEO of ValCom, stated, "We welcome the vote of confidence shown by the members of TRI-PARTNERS, LLC. This loan agreement will give ValCom a total of
$3.6 million in new financing arrangements. Coupled with the potential collection of unpaid royalties due from ASCAP and BMI of up to an estimated
$5 million the company will have sufficient capital available to satisfy both short and long-term goals. With ValCom already showing profits, contracts tied into the use of the ValCom library, and the continued implementation of the business plan, the company is in the right position to succeed and is poised to create further shareholder value. Next on our agenda is a share buy-back program which we now plan to implement, plus we're considering providing a dividend to ValCom shareholders once the company's debt is retired."
A spokesperson for TRI-PARTNERS,
Tim Harrington, stated, "My partners,
Silvana and Greg Manning, and I are committed to seeing ValCom succeed in its goal to monetize its important library of motion pictures, TV series, and music. To do this without delay the company needs to promptly digitize this Library, which requires significant capital. The library's appraiser has stated that up to
$5 million in royalties may be available from ASCAP and BMI. The financing from TRI-PARTNERS will also be used to facilitate collection of these monies due ValCom."
About ValCom, Inc.