Great call "Cd" must be the bank knows something we dont.....yet....that is...I love this portion of the PR...
Hacketts should have a vehicle to initiate the repayment of certain debt, help with transitioning the existing WiseBuys stores to Hacketts stores and begin the exploration of possible new locations Having Wells Fargo as a partner further validates our efforts and ensures that sufficient capital should be available to Hacketts as the company takes advantage of those expansion opportunities."
"Those Expansion Opportunities"...sounds good to me, how about all of you?
Not exactly... but this factor financing does bode well for the company.
1) We will have an asset base of more than $5M. They'll usually finance ~75% of the value of the inventory. So the minimum inventory value is 1.25*$5M plus what Hacketts owns outright.
2) Wells Fargo is a reputable financial institution. There are many shady groups that provide this type of financning that Hacketts was able to rise above.
3) Wells Fargo requires a detailed review of the company's cash flow. Meaning they have it and it is suffecient. They will also put other convenants (financial controls and thresholds) in place to ensure the company remains financially healthy. Another set of eyes on the books is good for shareholders.
The fact that Hacketts has been able to secure this type of financing from a reputable institution like Wells Fargo give substatntial credibility to the business plan and direction the company is heading.
Way to go Tom! I think we have a $30M company (in Hacketts). Some Holiday sales fugures would be icing.
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