Business
The Fresh Factory Successfully Completes US$2.0 Million Sale-Leaseback Financing to Fuel Business Expansion
CAROL STREAM, IL / ACCESSWIRE / September 6, 2023 / The Fresh Factory B.C. Ltd. ( CSE:FRSH )( ...
About this update from Fresh Factory B.c. Ltd.
[{"type":"text","content":"The Fresh Factory Successfully Completes US$2.0 Million Sale-Leaseback Financing to Fuel Business ExpansionCAROL STREAM, IL / ACCESSWIRE / September 6, 2023 / The Fresh Factory B.C. Ltd. (CSE:FRSH)(FRA:Q4Z) (\"The Fresh Factory\" or the \"Company\"), a mission-driven company for fresh, clean-label, and better-for-you food and beverage brands, is pleased to announce the successful closure of a US$2.0 million sale-leaseback financing (\"Leaseback\"), marking a significant milestone in the Company's growth trajectory. The financing, secured for a 24-month term with an additional 1-year extension option, provides The Fresh Factory with additional working capital to further scale its operations, innovate product offerings, and meet customer demand.This financing not only bolsters the Company's operational capabilities but also replaces a previous financing of US$0.5 million, streamlining its financial structure. The Company now stands strong with no outstanding debt.\"This $2.0 million sale-leaseback financing is a significant step forward for The Fresh Factory. It not only provides us with the necessary working capital to accelerate our growth initiatives but also allows us to eliminate our existing debt entirely. This move underscores our dedication to maintaining a strong financial foundation as we expand our presence in the market,\" said Bill Besenhofer, Chief Executive Officer and co-founder of The Fresh Factory.The funds secured through this financing will be strategically allocated to support The Fresh Factory's ongoing expansion plans and innovation efforts, ensuring that the Company continues to deliver high-quality products and services to its valued customers. Additionally, the capital allocated to the recently announced renewal of the share-buyback program reflects the Company's commitment to creating value for its shareholders and further underlines the Company's financial prudence.\"We are committed to not only meeting but exceeding our customer demands. This financing, combined with our ongoing investment in our active share-buyback program, serves as a testament to our ability to navigate capital allocation strategically while fostering sustainable growth. We are excited about the opportunities that lie ahead and are confident that these strategic initiatives will contribute to our long-term success,\" added Besenhof...