News.......Actrade Announces Engagement of Investment Banker
NEW YORK, June 2 /PRNewswire/ -- Actrade International, Ltd. (''Actrade'') (Nasdaq: ACRT - news) announced today that it has engaged the firm of ING Baring Furman Selz, LLC to serve as its investment banker and financial advisor. This new relationship, which is an expansion of the recently concluded $25 Million revolving credit facility secured by Actrade from ING Barings in March, is expected to provide the support for Actrade's mid and long-term strategic plans for financing the expansion of the company.
Mr. Amos Aharoni, Actrade's CEO, stated, ''We are very pleased that an investment banker of the high caliber of ING Baring Furman Selz has come on board. As we have consistently maintained, Actrade has merely scratched the surface in terms of the potential market for its TAD Program. We feel that with Furman Selz' support, Actrade can continue to further expand its TAD Program into many new exciting areas over the coming years.''
Actrade Capital, Inc., a subsidiary of Actrade International, Ltd., has developed and patented a new business-to-business payment option which allows commercial buyers to pay with unsecured extended terms while providing their suppliers with immediate payment through the use of Trade Acceptance Drafts (''TAD''). The TAD Program offers an advantageous third option to typical ''COD'' or ''open account'' payment terms for commercial transactions. In essence, the TAD Program looks to revolutionize commercial transactions much in the same way that credit cards did for consumer transactions.
SOURCE: Actrade International, Ltd.
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