Rosenthal & Rosenthal Complete Brekford Finance Agreement
Brekford announced the completion of a new financing arrangement with Rosenthal & Rosenthal.
The $3 million financing arrangement carries an initial term of two years and includes a $2.5 million revolving secured line of credit in addition to a $500,000 term loan.
The credit agreement replaces Brekford’s prior $2 million revolving credit agreement with PNC Bank that was due to expire August 31, 2014.
“We are very pleased to have Rosenthal & Rosenthal as a partner as we continue to explore every option to strengthen our balance sheet in support of national and international business expansion efforts,” commented Rod Hillman, president and COO, Brekford. “The new credit facility provides sufficient borrowing capacity for new orders from both existing and new customers while maintaining flexibility for capital expenditures when certain pending ATSE and PCS projects are ready to launch.”
Brekford provides public safety technology and automated traffic enforcement solutions to municipalities, the U.S. military, various federal entities and other public safety agencies throughout the United States.