The management of Organic Alliance has provided a cash infusion through a series of short-term loans in addition to its existing financing agreements with banks.
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The loans, which total over US$600,000, will provide the organic food group with the financial flexibility to focus on growing its sales, the US group insisted.
“The marketplace reception for our offering has been overwhelmingly positive and this will allow us to maintain critical momentum,” Parker Booth, president and CEO, said.
“Added to the solid bank line supporting our business, these loans should provide the liquidity we need to continue to increase operating efficiencies at an important point in our company’s development,” Booth explained.
A loan totalling $431,500 was provided by Booth, which will mature at the end of 2010. Additional loans were made by two of the company’s directors; Michael Rosenthal in the amount of $130,000 and Dr Corey Ruth on the amount of $50,000, both maturing on 30 June 2010.
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