Trim-A-Lawn Procures Infusion of Equity
UTICA, N.Y., March 22 /PRNewswire/ -- Dallas Jones, President of Trim-A-Lawn Corporation (OTC Bulletin Board: TLWN), announced today that the company has procured an infusion of equity from a venture capital firm with whom it has been negotiating. As a follow up to the announcement on February 8, 2000 that the company had entered into negotiations for securing $3 million of working capital, Mr. Jones announced that, "The first installment has been received by the company with additional weekly installments scheduled until the full amount is received. The investment group is particularly interested in the development and marketing of consumer and environment friendly Trim-A- Lawn products which utilize the patented battery powered 'drop load' system."
These funds will enable the company to go forward with all sales and manufacturing programs including the manufacturing and distribution of the patented "drop-load" battery system for the 2001 model year. It is anticipated by the investor group that the "drop-load" battery system in the California market alone could be in excess of $30 million.
Mr. Jones stated that, "We are delighted with the confidence expressed by this commitment which will have a positive effect on the company at least through model year 2001. It will enable us to focus on the development and production of products at an accelerated pace that are both consumer and environmentally friendly in a rapidly growing market segment. Further, this investment will provide us the means to produce, deliver and market Trim-A-Lawn products for the current model year."
This announcement contains forward-looking statements that involve risks and uncertainties that include, among others, Trim-A-Lawn's limited operating history, unpredictability of future revenues and events, potential fluctuations of quarterly operating results, seasonality, consumer trends, competition, management of potential growth, and risks of new business areas, national and international expansion, business combinations and strategic alliances.
SOURCE Trim-A-Lawn Corporation
CO: Trim-A-Lawn Corporation
ST: New York
IN: AGR FIN HOU
SU: FNC
03/22/2000 19:34 EST prnewswire.com |
