Sterling Consolidated Corp (STCC)

[MoneyMan]

Sterling Consolidated Secures $2.5 million Asset Based Line of Credit

NEPTUNE, N.J., Dec. 19, 2018 /PRNewswire/ -- Sterling Consolidated Corp. (OTC: STCC) (The Company), a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace for almost 50 years, and creator of the blockchain based DiMO Token, today shared news regarding its financing activities.



The Company today announced that they have secured a $2.5 million loan with New York City asset-based lender, Access Capital, Inc. ("Access Capital"). The loan calls for capital availability of $2.5 million based on a formulaic review and analysis of the Company's accounts receivable and inventory. As part of the loan agreement, the Company paid in full its existing mortgage of $1,061,131 and its line of credit of $832,297 currently held by a New York commercial bank.

"This is another crucial next step in our expansion plans," said Company CEO Darren DeRosa. "In signing this loan agreement, we will not be subject to the restrictive net income covenants of a commercial bank and it frees up additional capital to align with our growth and acquisition plan."

For more information visit: http://investor.sterlingconsolidated.com

About Sterling Consolidated Corp.
Sterling Consolidated Corp., through its wholly-owned subsidiary, Sterling Seal and Supply is a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace for almost 50 years as well as an approved supplier to Amazon and Walmart. The Company has 5 locations throughout the USA, and plans to acquire more through its ongoing acquisition strategy. The Company is also the creator of the DiMO, a blockchain based cryptocurrency, that they hope brings an edge to the industry and improves overall profits and efficiencies through the use of smart contracts.

Investor & Media Contact:
Scott Chichester, CFO - [e-mail]
Source: Sterling Consolidated Corp - http://www.sterlingconsolidated.com


https://www.otcmarkets.com/stock/STCC/news/Sterling-Consolidated-Secures-25-million-Asset-Based-Line-of-Credit?id=213731