CoreFund Capital, LLC Provides $25 Million Credit Facility for International Freight Forwarder
Nov 16, 2020, 08:44 ET
WEATHERFORD, Texas, Nov. 16, 2020 /PRNewswire/ -- CoreFund Capital, LLC ("Core") has recently facilitated an increase to the credit facility for Innocap, Inc. (the "Company"), a global logistics and freight forwarding company.
The credit facility was structured by CoreFund Capital with Innocap, Inc.'s wholly owned subsidiary, Unique Logistics International (NYC) LLC, through an amended Secured Accounts Receivable Facility. The initial credit line provided to Unique Logistics International on May,31, 2020 was increased from $12,000,000 to $25,000,000 on November 2nd, to provide the necessary availability to support the ongoing growth for the Company.
"Unique has performed impressively over the past months with a solid base of business. CoreFund is happy to be able to provide the working capital needed to help expand and grow their business," stated Bonnie Castillo, President of CoreFund Capital. "We are excited to watch them become a dominant player in their industry "
"The Company is now positioned to execute its growth plans with an enhanced credit facility of $25 million," commented INNO's CEO, Sunandan Ray. "We believe this to be a gamechanger for our future acquisition strategy. We are fortunate to have dependable business partners such as Core."
CoreFund Capital LLC, a receivables finance company, is a premier provider of financial services, providing working capital for all size businesses through invoice factoring. Our commitment is to our clients to provide a superior product with complete transparency. Our customized approach provides clients with the cash flow solutions they need and the level of care and service they deserve.
INNO is a global logistics and freight forwarding company serving a large customer base in the United States that includes major well-known retailers and other companies that import goods to the United States, export goods from the United States to other countries, or require other supply chain services, including warehousing. INNO executes sections of the supply chain process for its customers and holds, through its subsidiary companies, operating licenses issued by US Customs, the Federal Maritime Commission and the Transportation Security Administration for this purpose. It has offices throughout the United States and employs over 90 staff.
Important Cautions Regarding Forward-Looking Statements
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things our plans, strategies and prospects -- both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as "believe," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated," and "potential," among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. All forward-looking statements attributable to Innocap, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.
SOURCE CoreFund Capital, LLC
Share this article