Avidbank Provides $2MM Term Loan to True Drinks
True Drinks announced the completion of a $2.0 million term loan from Avidbank.
“I am pleased we were able to put this facility in place for True Drinks,” stated Avidbank Corporate Finance EVP, Mike Hansen. “They have assembled a high quality team with deep experience in this field. We look forward to a strong and mutually beneficial relationship.”
Dan Kerker, CFO of True Drinks, commented, “The funding of this loan with Avidbank comes as the result of True Drinks being in a much more secure financial position following our equity raise last week. This note enables us to clean up our balance sheet by paying off convertible notes. Avidbank understands our business and will be a valuable partner for us as we continue to grow.”
True Drinks is a beverage company with licensing agreements with entertainment and media companies for use of their characters on its proprietary, patented bottles. AquaBall™ Naturally Flavored Water, the company’s vitamin-enhanced water created as a zero-calorie, sugar-free alternative to juice and soda for kids, is being sold into mass-market retailers throughout the U.S.