T3 Motion, Inc. CEO William Tsumpes Enhances Financial Position By Closing $750,000 Credit Facility
COSTA MESA, Calif., March 28, 2013 /PRNewswire/ -- (NYSE Amex: TTTM) www.t3motion.com - T3 Motion, Inc., a producer of clean green technology electric mobility vehicles, (the "Company" or "T3") today announced that it has enhanced its financial position by completing an additional $750,000 of funding through a revolving secured credit facility from two of its institutional investors, Alpha Capital Anstalt and Brio Capital Master Fund (the "Facility"). The twelve month Facility allows for up to $750,000 of borrowings based on a combination of: i) 80% of the value of eligible Accounts Receivable, ii) 65% of the market value of finished inventories, and iii) 50% of the market value of raw materials and sub-assembly inventories. The Facility bears interest at 7.25% payable monthly and is secured by the Company's assets. Alpha Capital Anstalt and Brio Capital Master Fund were both significant investors in the company funding announced in November 2012 and March 2013.
"T3 Motion is excited by the continuing support from our key investors which will provide us the flexibility and added liquidity we need to fulfill our revenue growth objectives as well as our expansion in to new consumer and commercial markets with the build out of a new dealer and distribution channel to support the upcoming release of our Vision™ Series of vehicles," stated William Tsumpes, Chief Executive Officer and Interim Chief Financial Officer of T3 Motion. "The additional source of capital provides T3 Motion with the ability to nimbly address new revenue and international growth opportunities as well as improving our sales and operations objectives."
The Company expects that the proceeds of the Financing will be used for general working capital purposes, including the purchase of parts inventory, sales and marketing, and research and development.
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