Daily News: February 2, 2012

Latitude Solutions, Crestmark Bank Finalize $5 Million ABL


Latitude Solutions, Inc. (LSI) announced that the company and Crestmark Bank have finalized the establishment of a $5 million revolving asset-based line of credit. This type of working capital facility will provide LSI with greater flexibility and liquidity to support growth and take advantage of further opportunities.

Jeffrey Wohler, Latitude Solutions, Inc.’s CEO, stated, “The credit facility being provided by Crestmark enables LSI to rapidly deploy our Electro Precipitation, Integrated Water Systems on an accelerated basis by maximizing the cash flow and recurring revenue created by the deployment of our technology.”

Jim Rothman, group president of Crestmark Bank, stated, “Our philosophy is to provide creative financial solutions to rapidly expanding companies such as LSI. By helping companies that provide unique solutions and products, we can help them grow, and continue to expand Crestmark’s reach.”

Latitude Solutions, Inc. provides wastewater remediation solutions to oil & gas, energy, mining, food processing, agricultural and other industrial users worldwide.

Crestmark is a provider of working capital solutions for small- to medium-sized businesses.