BioHiTech Global Secures New $1M Credit Facility with Comerica Bank
Summary
This new credit facility will provide additional financial flexibility to fuel the growth of the Companys recurring revenue stream from its on-site food waste digester products. "As the traditional waste industry continues to evolve, we believe BioHiTechs unique business model will be helpful in achieving long-term growth and we look forward to providing the capital to fuel that expansion." "We continue to build a solid recurring revenue stream from our on-site food waste disposal solutions and this new facility will only serve to accelerate the growth of that business," said Frank E. Celli, Chief Executive Officer of BioHiTech Global. "With the completion of this facility as well as our new $5M debt financing, we now have significant financial resources to forge ahead with our plan to build a vertically integrated disposal company that marries technology with traditional services to achieve cost-effective and sustainable waste management." In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico.
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