MWW Automotive Secures New $1Million Working Capital Credit Line
23 September 2009 - 2:00PM
Marketwired
MWW Automotive Group (OTCBB: MWWC), a global automotive firm
providing design services and designing and manufacturing
accessories for many of the world's leading automotive
manufacturers, with facilities in the US and Germany, announced
today that it has replaced its existing credit line with a new
$1Million credit line from Summit Financial Resources.
Gordon La Haye, President & CEO of Summit Financial
Resources, commented, "Summit is very pleased that Marketing
Worldwide has chosen us as their working capital provider. We look
forward to partnering with them to ensure the success of their
ongoing business goals and growth projections."
The Summit Financial Resources team was led by Todd Waldrip, VP,
Business Development Officer for the Southeast Region, based in
Birmingham, Alabama. Summit Financial Resources is a nationally
recognized provider of working capital financing to small and
medium-sized businesses in a broad range of industries. With 16
offices nationwide and over 20 years of experience, Summit has
established itself as one of the largest and fastest growing
companies in its industry.
James Marvin, CFO of Marketing Worldwide, stated: "The changing
market conditions have generated many new opportunities for MWW,
and all companies in the MWW Group currently have more requests for
quotes (RFQs) and new projects in different stages of development,
pre-production and production than at any other time in our
history. In order to finance this growth and to aggressively take
advantage of these opportunities in the months and years to come,
we decided to replace our existing credit line and secure
additional working capital."
Rainer Poertner, responsible for global business development at
MWW, worked with the Summit team to arrive at a flexible solution
that gives MWW the opportunity to continue on its current path of
growth. "We were impressed with the very structured approach that
the Summit team took. We are delighted that after conducting
comprehensive due diligence of our operations Summit has decided to
provide us with the working capital necessary to finance the next
steps of our growth ahead."
About MWW Automotive Group
MWW Automotive Group (OTCBB: MWWC) is a full-service global
design, engineering and manufacturing firm providing customized
accessories for leading international vehicle manufacturers. MWW's
products customize cars, sport utility vehicles (SUVs) and light
trucks to meet consumer demand for vehicles reflecting their
individual lifestyles and personalized needs. Noted for its
adherence to the highest quality, MWW and its global subsidiaries
provide substantial added value to the sale of vehicles for leading
international automobile manufacturers such as Toyota, BMW, Kia
Motors, GM and Ford in the U.S. and Europe.
Headquartered in Howell, Michigan and Munich, Germany, MWW
delivers its products and services directly to select global
automobile manufacturers' vehicle processing centers, distribution
centers and/or assembly lines in the United States, Canada and
Europe. The centers' technical teams install the MWW designed and
manufactured products in a variety of vehicle types and deliver the
accessorized automobiles into the dealer channels in their
respective countries. The company's mission is to manifest its
position as a truly global automotive company and to fully utilize
its combined U.S. and European design and manufacturing resources
to consistently provide the most innovative and leading edge
automotive accessories for an increasingly demanding global market.
The Company also provides proprietary design services directly to
BMW from within the BMW design facility in Munich, Germany.
More information and a full presentation about MWW Automotive
Group is available at www.mwwautomotive.com; please email any
questions about the company to investorrelations@mwwautomotive.com
or contact Consulting for Strategic Growth 1 at info@CFSG1.com.
Certain statements in this press release that are not historical
facts are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
may be identified by the use words such as "anticipate," "believe,"
"expect," "future," "may," "will," "would," "should," "plan,"
"projected," "intend," and similar expressions. Such
forward-looking statements, involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements to be materially different from those
expressed or implied by such forward-looking statements. The
Company's future operating results are dependent upon many factors,
including but not limited to the Company's ability to: (i) obtain
sufficient capital or a strategic business arrangement to fund its
expansion plans; (ii) build the management and human resources and
infrastructure necessary to support the growth of its business;
(iii) competitive factors and developments beyond the Company's
control; and (iv) other risk factors discussed in the Company's
periodic filings with the Securities and Exchange Commission, which
are available for review at www.sec.gov under "Search for Company
Filings."
Consulting For Strategic Growth1, Ltd. ("CFSG1") provides
Marketing Worldwide Corporation with consulting, business advisory,
investor relations, public relations and corporate development
services. Independent of CFSG1's receipt of cash compensation from
MWW, CFSG1 may choose to purchase the Company's common stock and
thereafter liquidate those securities at any time it deems
appropriate to do so.
Contact: COMPANY CONTACT: Rainer Poertner Business Development
Tel: 1-517-540-0045, x43 Fax: 1-517-540-0923 Email Contact: Email
Contact http://mwwautomotive.com INVESTOR RELATIONS: Stanley
Wunderlich CEO Consulting for Strategic Growth 1 Tel:
1-800-625-2236 Fax: 1-646-514-1177 Email Contact: Email Contact
http://www.cfsg1.com
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