Alpha Capital Anstalt, Brio Capital Increase T3 Motion Credit Line
T3 Motion announced its revolving Line of credit was increased by two of primary investors; Alpha Capital Anstalt and Brio Capital Master Fund were significant investors in November 2012 and March 2013 fundings. 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.
The facility allows for up to $1 million of borrowings based on a combination of: 90% of the value of eligible accounts receivable, 80% of the market value of finished inventories and 25% of the market value of raw materials and subassembly inventories.
The facility bears interest at 7.25% payable monthly and is secured by the company’s assets.
“T3 Motion is excited to have the continuing support from our key investors, which will provide us the additional working capital we need to fulfill our sales and revenue growth objectives as well as the expansion of our sales and marketing efforts to support the release of our new next generation vehicles due out in November,” stated William Tsumpes, chief executive officer and chief financial officer of T3 Motion.
“This additional capital further demonstrates our commitment to provide T3 Motion with the financial support it needs as it continues to improve its financial performance under the management of its new CEO William Tsumpes,” stated Shaye Hirsch of Brio Capital Master Fund.