LOS ANGELES--(BUSINESS WIRE)--Vortex Brands Co. (OTC:ZLUE) announced today it has reached a preliminary agreement for $500,000 in debt financing. The Company expects to use the financing over the next 12 months to finance the Company’s expansion. The Company will use the proceeds of this financing to begin hiring additional sales staff personal, recruit additional teaching pros, to increase awareness of the Company’s products and bring new products to market.
The Company is currently finalizing the interest rate and repayment terms. However, the terms of the financing would not require the Company to use any common stock as part of this financing. The repayment terms are expected to between 12-24 months and to be repaid from Company’s retails sales.
The Company common share structure has not changed and remains at 90,000,000 shares outstanding and issued with 48,450,000 in the float. We will post additional FAQs on our website at www.vortexbrands.us. We will update the FAQs as we receive additional questions and will provide updates on news and other aspects of the Company on our site as well.
About Vortex Brands
Vortex Brands recently executed a licensing agreement to market and sell products manufactured by Vortex in the United States. Under the license agreement, the Company may sell tennis racquets and other tennis related products under the trademarked name of Vortex Tennis. The product is currently for sale at www.vortexennis.com.
Notice Regarding Forward-Looking Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual and interim reports.