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.
For further information regarding Green Innovations Ltd., contact:
This press release contains "forward-looking statements". Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, and specifically references to revenue and earnings growth and potentially completing larger product orders. The reader can identify these forward-looking statements by forward-looking words such as "may," "will," "expect," "potential," "anticipate," "forecast," "believe," "estimate," "project," "plan," "continue" or similar words. The reader should read statements that contain these words carefully because they discuss future expectations, contain projections of future results of operations or of financial condition, or state other forward-looking information. Forward-looking statements include, but are not limited to, statements regarding potential products, customers, revenues, expansion efforts, and future plans and objectives of Green Innovations Ltd. ("Green Innovations"). The risk factors listed in our disclosure documents and the cautionary language on this website provide examples of risks, uncertainties and events that may cause actual results to differ materially from the expectations and projections described by Green Innovations in its forward-looking statements. Actual results relating to, among other things, product launch, sales, customer acceptance and market share could differ materially from those currently anticipated in such statements. Factors affecting forward-looking statements include: consumer preferences, competition from more established brands, ability to develop market share; changes in the operating costs; changes in economic conditions, foreign exchange and other financial markets; changes of the interest rates on borrowings; hedging activities that Green Innovations develops or produces; changes in the investments levels; litigation; legislation; environmental, judicial, regulatory, political and competitive developments in areas in which Green Innovations operates; technological, mechanical and operational difficulties encountered in connection with Green Innovations' development activities; and labor relation matters and costs. The reader should refer to the risk disclosures set out in the periodic reports and other disclosure documents filed by Green Innovations from time to time with the Securities and Exchange Commission and other regulatory authorities.
SOURCE Green Innovations Ltd.
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