Kelso arranges financing deal with AmeriFactorsKelso arranges financing deal with AmeriFactors
2008-10-20 11:55 ET - News Release
Mr. John Carswell reports
KELSO TECHNOLOGIES SECURES AGREEMENT WITH USA-BASED AMERIFACTORS TO PROVIDE EARLY STAGE GROWTH FINANCING
Kelso Technologies Inc. has successfully instituted its firstfinancing vehicle to assist the company in growing sales andaccelerating its market penetration.
Under an agreement signed with AmeriFactors Inc., headquartered inFlorida, Kelso receives early payment on its invoices to its customers,so that the company can avoid delays in receivables that are normallypaid anywhere from 30 to 90 days following invoicing. This isAmeriFactors' first ever financing of a Canadian company, and the firsttier of Kelso's overall financing strategy.
The Amerifactors Inc. agreement was facilitated by DesmondPaden, managing director of Total Source Financing of Silver Lake, Wis.Total Source Financing continues to work with Kelso to raise additionaldebt and/or equity financing of approximately $1.1-million (U.S.), toenable Kelso to roll out its strategic business plan, which includesthe construction of a Houston-area assembly plant.
Kelso has been very successful, through the concerted effortsof Neil Gambow, president of Kelso's United States operations, inreaching new customers and reselling to existing customers. ExistingKelso valve users have reported successes with lower cost of operationusing Kelso's new pressure-relief valve, and word is spreading withinthe rail shipping industry that Kelso's valve is the valve of choicefor shippers concerned with ownership costs, safety and theenvironment.
Founded in 1990, AmeriFactors brings together a team ofseasoned professionals who work closely with clients of all sizes toprovide personalized account receivable financing programs tailored toeach company's individual needs. The company is headquartered inCelebration, Fla., with offices in Jacksonville and Tampa, Fla.,Atlanta, Ga., Nashville, Tenn., and Mobile, Ala. For more than 15years, AmeriFactors has provided clients of all sizes with programsthat play a significant role in business success.