WestBond Industries Secures Financing.VANCOUVER, B.C.--(BUSINESS WIRE)--Jan. 25, 1996--WESTBOND ENTERPRISES(VSE See DOS/VSE. VSE - Virtual Storage Extended : WBE WBE Women's Business Enterprise WBE Women-owned Business Enterprises WBE Woman-owned Business Enterprise WBE Web-Based Education WBE Welch-Bound-Equality WBE World Business Exchange WBE Warner Bros. ) WestBond Enterprises Corporation's subsidiary, WestBond Industries Inc., has recently secured a loan in the amount of $186,700 from a Canadian Chartered Bank Chartered Bank A financial institution whose primary roles are to accept and safeguard monetary deposits from individuals and organizations, and to lend money out. The details vary from country to country, but usually a chartered bank in operation has obtained government permission . In consideration of guaranteeing $100,000 of the loan, the Company has agreed to issue 11,792 shares each to two directors and officers of the Company, subject to regulatory approval. The loan consists of a $100,000 demand line of credit and a five year term loan of $86,700. The line of credit will be used to supplement operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. , required due to the Company's rapid growth. The term loan will be used to complete the equipment expansion program announced last year. The equipment expansion will allow the Company to double its sales potential and become competitive in the United States and worldwide. -0- WESTBOND ENTERPRISES CORPORATION Gennaro Magistrale President -0- The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has not reviewed and does not accept responsibility for the adequacy or accuracy of the release. CONTACT: Gennaro Magistrale President (604) 590-6171 |
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