SAN JOSE, Calif., Oct. 1, 2012 (GLOBE NEWSWIRE) -- Sugarmade, Inc. (SGMD), a marketer and distributor of sustainable tree-free paper products, today announced that it has secured a new $3 million production line of credit.
The credit line is available to the Company for use beginning with its current production run. The funds will allow the Company to build inventory for future sales to customers by the Company's regional distributors. Sugarmade anticipates production of 12 containers in October and over 30 by year end.
"We are very pleased with this new financing which we believe will allow us to build inventory in the United States and China to meet the needs of our distribution partners," stated Scott Lantz, CEO and Chairman of Sugarmade. He continued, "Additionally, the ability to increase our production volumes will permit us to take advantage of cost efficiencies and the capacity demands of our customers."
Sugarmade paper is 100% tree-free and made of bagasse, a residual by-product of sugarcane and bamboo; both rapidly renewable resources. The paper is acid free and is 100% compostable and recyclable. Sugarmade paper performs on office and home printers and commercial copiers with equivalency to traditional tree-based paper.
About Sugarmade, Inc.
Sugarmade, founded in 2009, engages in marketing and distributing non-tree-based paper products, made from sugarcane bagasse, which is the residual of the sugar manufacturing process, and bamboo. Products include printing, writing and copy paper, among other items, which Sugarmade has begun marketing in the United States and intends to market on a global basis. Based in San Jose, Calif., Sugarmade ensures superior quality through rigorous testing by nationally recognized testing organizations. For more information, please visit www.sugarmade.com
Certain statements contained in this press release are "forward-looking statements" within the meaning of federal securities laws, including, without limitation, anything relating or referring to future financial results and planned business activities. Such statements are inherently subject to risks and uncertainties, which include, without limitation, those in Company reports filed with the SEC. The Company can give no assurance that such expectations will prove correct. Future events and actual results could differ materially from those statements. "Sugarmade™" is a trademark of Sugarmade, Inc.