Green Innovations Subsidiary Signs $1.0 Million Inventory Financing Package Agreement
MIAMI, March 15, 2013 /PRNewswire/ -- Green Innovations Ltd. (OTCQB: GNIN) (OTCBB: GNIN) ("Green Innovations" or the "Company") is pleased to announce that its wholly-owned subsidiary, Green Hygienics, Inc. ("Green Hygienics"), has signed a $1.0 million inventory financing agreement (the "Agreement") with Crossroads Financial, LLC ("Crossroads"), a Florida-based inventory and purchase order financing company. As per terms of the Agreement between the two companies, Crossroads will supply Green Hygienics with up to $1.0 million in stand-alone secured inventory lines of credit.
"We are very pleased to have established an inventory funding relationship with Crossroads as it will be a very valuable and strategic tool for us going forward," stated Mr. Bruce Harmon, Chief Executive Officer of Green Innovations. "Accessing a non-equity based secured inventory financing package will allow us to quickly raise additional capital when we require it to grow the business and prepare to potentially complete larger product orders without the need to issue any new shares."
Founded in 2004, Crossroads Financial, LLC, provides stand-alone inventory and purchase order lines of credit for borrowers in the USA and Canada who are traditionally ignored by larger asset-based lenders and banks. Crossroads offers revolving lines of credit against existing, in-transit, or on-the-water inventory, allowing companies to leverage their existing assets to fund expansion and growth. Since 2004, Crossroads Financial has helped generate over $500,000,000 in receivables funding transactions.
About Green Innovations Ltd.
Green Innovations Ltd., through its wholly-owned subsidiary Green Hygienics, Inc., is the exclusive licensed North American distributor of American Hygienics Corporation's 100% tree-free bamboo-based product line, including personal care and paper-based goods. The Company provides consumers the opportunity to enjoy high-quality and performance eco-friendly goods from dedicated experts that have been producing bamboo products for over a decade, along with the cost-benefit of local raw material manufacturing, and the satisfaction of knowing that by using these products they are doing their part to reduce their carbon footprint and to continue the movement towards a more healthy and sustainable planet.
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SOURCE Green Innovations Ltd.