Hollund Industrial Marine Secures Funding For Acquisition & Concession Development Sr. Executives En-Route to Latin America to Formalize Possible First Concession
BLAINE, Wash., June 26, 2013 /PRNewswire/ -- Hollund Industrial Marine, Inc. (PINKSHEETS: HIMR) ("Hollund" or the "Company") announced today that the Company has secured an intermediate funding facility from a Santa Fe, private equity firm, guaranteeing up to $350,000 to secure and develop an underwater timber concession.
"Making sure we have all of the appropriate resources to secure a concession is our primary capital requirement," stated Peter Meier," President of Hollund. "The company is now well positioned to aggressively pursue the consummation of this endeavor."
With capital in hand to sure up and secure Hollund's position, Sr. Executives, as well as the Latin American Development Team Coordinator are en-route to Latin America with the expectation of formalizing what could become the company's first concession.
The funding facility established for HIMR has been provided in the form of a loan. The loan matures in 16 months and interest payments are collateralized against future earnings of the anticipated concession(s). At present, it is estimated that HIMR will require no more than $350k to secure at least one, if not both of the targeted concessions.
Meier concluded, "While the capital secured is not a lofty sum, it is 'minimalist' by design. We now have what is needed to fortify our position and give us the greatest probability of closing. There will certainly be additional capital needs to follow. However, in an attempt to be prudent and mindful of our current capital structure and shareholder base, we will cross each bridge as we approach. For now, we are just pleased to know we are essentially ready and able to finalize our first concession."
About Hollund Industrial Marine, Inc.
Headquartered in Blaine, WA, Hollund Industrial Marine Inc. (Pink Sheets: HIMR) seeks to align the interests of businesses, communities, utilities and governments by offering an integrated business model for underwater forest management. Hollund's model – including resource and needs assessment, permitting, environmental and project planning, logging, milling, product branding and sales adds value for our shareholders, our partners and reservoir based communities.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "ACT"). In particular, when used in the preceding discussion, the words "estimated," "believe," "optimistic," "expect," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the ACT and are subject to risks and uncertainties, and actual results could differ materially from those expressed in forward-looking statements. Such risks and uncertainties include, but are not limited to, unfavorable market conditions, increased competition, limited working capital, and failure to implement business strategies, actions by regulatory agencies, and other risks.
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SOURCE Hollund Industrial Marine, Inc.