"Having control of cash is critical to capitalize on strategic growth opportunities. APT now has the tools and team in place to effectively and efficiently manage these opportunities and the cash flow necessary to execute our plan," said Troy A. Covey, President.
APT experienced significant growth in sales of motorsport products in 2011 and 2012, nearly doubling revenues from $5.9 million to nearly $11 million. During these early years, APT fulfilled orders by utilizing working capital credit lines from a local financial institution. The exponential growth in sales required the Company to seek alternative sources of financing as the local institution had reached its lending limit. As an emerging, high-growth company, APT partnered with a financing company in 2013. This financing firm, while necessary at the time, required APT to accumulate excessive reserves while directing payments of receivables to the firm as security, making cash flow difficult to manage and interest costs high.
"We are well positioned to accept aggressive product orders from both current and new domestic and international customers. Domestic demand for our products and technology is growing while international demand is explosive. This transaction allows APT to launch new products and commit to international distribution and brand growth opportunities this year and in 2015," said Mr. Covey.
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