M Line Holdings, Inc. and Current Lender Cooperating to Finalize Replacement Funding
Accesswire
Dec 9, 2014 11:30 AM
M Line Passes Its First AS 9100 Audit In Its New Facilities
ANAHEIM, CA / ACCESSWIRE / December 9, 2014 / M Line Holdings, Inc. (OTC Pink: MLHC "M Line" or the "Company"), is updating its Press Release dated November 25, 2014 regarding the refinance of its current lender. On December 3, 2014, M Line received the signed term sheet from its current lender for a payment of approximately 50% of the outstanding debt due the current lender. In order to pay the other 50% M Line is negotiating a second line of credit which would totally pay off its current lender. The current lender obtained a consent judgment as a result of M Line's default. As a part of the terms from the new lender the current lender cannot unreasonably withhold approval for any acquisitions by M Line and the current lender has no lien rights over the assets of the acquisition targets. With the sign-off from all parties on its Term Sheet dated November 24, 2014 M Line is now in a position to move forward in a positive and conclusionary manner.
M Line's current Line of Credit expired in April 2014 and the Board has been working hard to find the replacement facilities that suit the Company's anticipated growth. Our current lender has agreed to work closely with M Line to complete all its refinancing requirements. When M Line issued its prior Press Release it had not received the formal sign off of the financial Term Sheet from our current lender. We now have that formal approval.
Bruce Barren, CEO of M Line, commented: "We are pleased to report that a resolution between its current lender and M Line is on a cooperative path and we expect this refinancing can be brought to a successful conclusion. M Line can now continue on its path of recovery."
Tony Anish, COO of M Line, further stated that: "M Line last week passed its AS 9100 audit. This was the first audit since the move to our new manufacturing facility so we are delighted with the results."
About M Line Holdings, Inc.:
M Line Holdings, Inc. (OTC Pink: MLHC "M Line" or the "Company"), is a leading provider of Products, assemblies and services to the precision high tech segment of both the aerospace and medical industries as well as selling high end pre-owned Japanese Computer Numerically Controlled ("CNC") Machine Tool Equipment with key customers that include Panasonic Avionics, UTC Aerospace Systems, Beckman Coulter, BE Aerospace and a strategic alliance with Structural Integrity Engineering.
For more information on M Line see our web site at www.mlineholdings.com
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For More Information:
Contact: Tony Anish
tony@mlineholdings.com
SOURCE: M Line Holdings, Inc.
