Minerco Resources, Inc. Secures $2,000,000 Line of Credit to Fund Operations
May 07, 2014 -- Houston, TX, United States, via eTeligis Inc., 05/07/2014 - - Minerco Resources, Inc. (OTCQB: MINE) (the "Company"), the parent company of Level 5 Beverage Company ("Level 5"), a specialty beverage company which develops, produces, markets and distributes a diversified portfolio of all-natural and highly functional brands, secures $2,000,000 financing in form of a traditional Line of Credit from Post Oak, LLC.
This traditional $2,000,000 Credit Line with Post Oak, LLC will allow us to fund our operations for the foreseeable future. This credit facility allows us to draw down on the Credit Line on demand and leaves us in control of our financial future. Additionally, the Credit Line does not require an interest or principal payment for 12 months to allow us to establish significant sales and revenues before the first interest payment is due.
The upcoming bi-coastal launch of VitaminFIZZ(R) and expansion of COFFEE BOOST will be the first use of proceeds. The Herbal Collection will also be further funded with the initial drawdown from the credit facility. The flexibility Minerco and Level 5 gain from this credit facility will further help us to responsibly manage our upcoming growth and expansion. This flexibility will allow the Company to grow / expand multiple brands, streamline operations and realize revenues, simultaneously.
V. Scott Vanis, the Chairman and Managing Director of the Company said, "We have been diligently working towards this type of traditional credit facility for a long time. Our work has finally paid off. This $2,000,000 Credit Line will allow the Company to make business decisions without the distractions caused by less traditional financing vehicles. The fact that we do not have any payments due while we launch VitaminFIZZ(R) and expand COFFEE BOOST is only trumped by the fact that we do not have any conversions to worry about. I would like to thank Post Oak and their team for their confidence in our companies! We have earned this by operating our business in a responsible manner, and we will continue to do so. Only now we have added increased 'flexibility' and 'freedom' to our business operations. We look forward to a long relationship with Post Oak as we continue to set and attain our lofty goals."
Investor Update Conference Call held on April 29, 2014
The Company / Level 5 held an Investor Update Call on April 29, 2014. We enjoyed interacting, directly, with our shareholders and thank you for all the interest in our Company. We released the Official Transcript of the Investor Update Call through a Current Report on Form 8-K with the Securities and Exchange Commission, and the Official Transcript will be available on our website at www.minercoresources.com on the News page.
"The feedback received following the Update Call has been overwhelming, but overwhelmingly positive. The Call and Webcast was listened to by more than 2,000 unique participants or individuals. We are very humbled and appreciative of all the interest in our company. We discussed many topics in the Investor Update Call, and we are in the process of following through on each piece in our usual, systematic approach. I would like to direct all shareholders to my closing statements of the Investor Update Call for my feelings on their support. As always, we will keep you informed of developments and opportunities at the soonest opportunity," stated V. Scott Vanis, Chairman and Managing Director of the Company.
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