NEWMARKET, Ontario, June 03, 2019 (GLOBE NEWSWIRE) -- ANB Canada Inc. (the “Corporation”) is pleased to announce that it has amended and increased its credit facility with a Schedule II Bank from $6,500,000 to $10,000,000 to fund working capital requirements. “The expansion of our credit facility reflects the strength and growth potential of ANB Canada Inc.” stated Brent Larkan, CEO of ANB Canada Inc.
The credit facility provides for: (a) a CAD$10,000,000 or USD$7,518,797 demand revolving loan; (b) business expense cards of up to $100,000; and (c) a demand revolving foreign exchange facility permitted maximum of USD$25,000,000, or the equivalent in major currencies. The credit facility continues to be secured by a charge over all of the assets of the Corporation and contains customary terms and conditions.
About the Business
The Corporation offers turnkey over-the-counter (“OTC”) sales and distribution services to manufacturers in the Canadian Food, Drug, Mass and Club marketplace. The Corporation not only markets, sells, warehouses and distributes consumer OTC brands, but also helps manufacturers in a number of other areas including navigating Canadian regulatory guidelines.
Further Information
For further information, please contact:
ANB Canada Inc.
25 Millard Avenue West, Unit 1
Newmarket, Ontario L3Y 7R5
Brent Larkan, Chief Executive Officer
Telephone: 647-280-8901
Email: blarkan@anbcanada.com
Notice on forward-looking statements:
This release includes forward-looking statements regarding the Corporation and its business. Such statements are based on the current expectations of management. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Corporation, including risks affecting the Corporation, economic factors and the equity markets generally. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Corporation undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.