"We are seeing explosive consumer demand for our complete line of safe and effective pesticide products,” stated Vern Kennedy, CEO of EcoSMART. "The WTI credit facility provides additional capital as we scale the business to meet this accelerating demand
Atlanta, GA. (PRWEB) December 16, 2009
EcoSMART Technologies, Inc. today announced the closing of a $4 million credit facility with Western Technology Investment (“WTI”).This new facility replaces a $1.5 million credit facility.
"We are seeing explosive consumer demand for our complete line of safe and effective pesticide products,” stated Vern Kennedy, CEO of EcoSMART. "The WTI credit facility provides additional capital as we scale the business to meet this accelerating demand.”
Mike Lemberg, CFO, added “We looked at a number of different alternatives and were pleased to have a number of options in these difficult credit markets. We are thrilled to be working with WTI as they clearly stood out given their experience working with high growth companies like EcoSMART.”
“At WTI, we endeavor to play an important role providing growth financing to venture-backed companies”, stated Jay Cohan, Investment Partner at WTI. “Lending successfully, as our firm has done for nearly 30 years, requires us to identify exceptional businesses who will be winners in their markets. EcoSMART’s proprietary technology and the clear demand for its green products position it to be one of those success stories.”
About EcoSMART Technologies
EcoSMART Technologies is the world leader in proprietary pesticide products derived from natural plant oils. The active ingredients in EcoSMART's products are unique, synergistic blends of essential oils, many of which are classified GRAS (generally recognized as safe) by the U.S. Food and Drug Administration and approved as direct food additives. EcoSMART Technologies is the first company to economically enable a realistic shift from synthetic to botanical pesticides in the residential, commercial, industrial and agricultural markets. For more information, visit http://www.ecosmart.com
About Western Technology Investment
Founded in 1980, Western Technology Investment (WTI) is the world’s leading venture debt firm, financing venture-backed companies in the technology, healthcare and cleantech industries. WTI’s 12th fund builds upon the firm’s successful history, which has included investments in Ablation Frontiers, Brocade, Cerent, Evalve, Facebook, Google, IDEC Pharmaceuticals, Infoseek, IronPort, Juniper Networks, NanoSolar, Postini, Transmeta and many others. For more information, please visit http://www.westerntech.com.
For more information, contact: press(at)ecosmart(dot)com