Business
Sack Lunch Productions Closes a $5M Secured Credit Facility With TCA Fund Management Group Corp
Sack Lunch Productions Closes a $5M Secured Credit Facility With TCA Fund Management Group Corp.
About this update from Sack Lunch Productions, Inc.
[{"type":"text","content":"\n \n \n Sack Lunch Productions Closes a $5M Secured Credit Facility With TCA Fund Management Group Corp\n \n \nSack Lunch Productions Closes a $5M Secured Credit Facility With TCA Fund Management Group Corp\n \n SALT LAKE CITY, UT--(Marketwired - Oct 21, 2015) - Sack Lunch Productions, Inc. (OTC PINK: SAKL), a publicly traded entertainment company with operations in event management and film, announced that it has closed a $5,000,000 Senior Secured Credit Facility with TCA Global Credit Master Fund, LP (TCA). SAKL plans to successfully integrate its newly acquired operations under Springbok Holdings, LLC, using the TCA financing. Springbok Holdings, LLC operates Color Me Rad™ and The Dirty Dash™, and holds the rights to operate Slide the City™ in 60 cities across the US.\n The Senior Secured Credit Facility with TCA will allow SAKL to prepare for an outstanding 2016 season. The $5M credit facility will provide the capital necessary to launch a projected 151 corporate events in 2016 amongst all of the company's brands, exclusive of franchise held events, including: Color Me Rad™, Slide the City™, The Lantern Fest™ and The Dirty Dash™. \n SAKL's fulfillment and warehouse facilities are prepared for 2016 with over $1M worth of merchandise and supplies, which were obtained as a result of the initial Springbok acquisition. SAKL made nearly all of the major capital expenditures in 2015 necessary to host nearly all of the projected events in 2016.\n SAKL's received an initial draw down of $1.8M from the TCA Credit Facility; as a result SAKL and its subsidiaries refinanced approximately $750,000 of debt that was predominately used to consummate the Springbok acquisition. In addition, SAKL has allocated funds to complete audited financial statements for filing a registration statement with the Securities and Exchange Commission. SAKL intends to file the registration statement by April 15, 2016. \n Richard Surber, CEO, commented, \"SAKL's ability to secure this initial round of funding (with TCA) coupled with the option to draw down additional funding in the future is a game changer for SAKL. From my perspective, the Springbok acquisition was a once in a lifetime opportunity that my team had to execute upon. The TCA funding provided the capital necessary to execute upon the opportunity. SAKL is n...