More good news. Nothing earth shattering but it shows this management team is very capable.
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Heartland Inc. Raises $400,000 In Additional Capital
Increase in Working Capital Based on Increased Valuation of Heartland Steel Facility
Press Release
Source: Heartland, Inc.
On Thursday September 24, 2009, 9:30 am EDT
MIDDLEBORO, Ky., Sept. 24 /PRNewswire-FirstCall/ -- Heartland, Inc. (OTC Bulletin Board: HTLJ - News) today announced that the appraisal value of Heartland Steel's property, building, and equipment was increased to $3.05 million from $ 2.5 million. As a result of the reevaluation conducted by Commerce Bank, Inc. of Tennessee the company now can increase its loan on the property by $400,000 to $2,400,000. The additional capital will be added to Heartland Steel's overall working capital.
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HTLJ.OB 0.36 0.00
Heartland Steel, the company's steel warehousing subsidiary, recently reached $1 million in sales before the completion of its state-of-the art facility based in Washington Court House, Ohio, which is expected to open in mid-October.
"The increase in our loan on the Heartland Steel facility is important for a number of reasons," said Terry Lee, Chairman and CEO of Heartland, Inc. "It provides additional capital for this business. It also validates our strategy to acquire what we believe are undervalued assets. Most importantly, it serves to illustrate that the underlying tangible assets of the firm in property and equipment create a platform that will drive significant value and growth in the future for Heartland Inc."
About Heartland Inc.
Heartland, Inc. is a diversified company with businesses in steel warehousing and fabrication and petroleum retail and wholesale operations. Mound Technologies is a full service structural and miscellaneous steel fabricator located in Springboro, Ohio. Lee Oil Company services and sells over 40 million gallons of petroleum product annually through a combination of retail and wholesale operations. Heartland Steel, Inc. is a new venture which operates a structural steel service center in Washington Court House, Ohio. |
