Mercantile Provides Blackbird Credit Line
Blackbird International announced it received a line of credit from The Mercantile Discount Bank in Israel in order to cover the financial needs of WERPO for 2 to 3 years.
The Mercantile Discount Bank was established in 1971 by the Barclays Bank and The Israel Discount Bank. At the time of its incorporation, The Bank took over the assets and liabilities of Barclays Bank in Israel. In 1993, The Israel Discount Bank acquired the entire holdings of Barclays and changed its name to Mercantile Discount Bank. The Bank offers a comprehensive range of financial products to meet the needs of its diverse group of corporate and retail clients, offering a complete spectrum of financial services.
Shmuel Ovadia, director and inventor of BBRD’s technology stated, +IBw-This injection of funds into the company will allow us to fulfill all presently ongoing, pending and future contracts without the need to dilute the company, thereby ensuring the continued confidence of our shareholders. The Mercantile Bank’s support in our company is further testament to our unique and patented sea wave power generation technology and its worldwide demand.+IB0-
Blackbird International is the sole shareholder of Wave Electricity Renewal Power Ocean.
WERPO, having received the rights for all of SDE’s technology, property, know-how, IP, contracts and subsidiaries, is able to promote its sea wave energy solution around the world. WERPO’s unique technology is based on the utilization of sea waves’ rise and fall to yield hydraulic pressure that produces electricity, while exploiting the full potential of wave speed, height, depth and currents beneath the surface of the water.