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| Update on DesignLine business; they receive new investors, & going to China! (217166) | |||
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Update on DesignLine business; they receive new investors, & going to China! |
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Posted by Gold_12th on Thu Dec 16 00:07:34 2010 DesignLine gains financial partnersCharlotte hybrid- and electric-bus manufacturer DesignLine International said Tuesday that it has “secured a substantial financing from a consortium of major financial institutions.” But how much financing isn’t clear. “It’s enough to get us up and running,” says James Gaspard, DesignLine vice president of sales and marketing. DesignLine says the funding will allow the company to complete production on $300 million in contracts. Those include deals to supply Charlotte-built green buses to transit agencies cities such as New York, Baltimore and, of course, the company's hometown. DesignLine, headquartered at its Charlotte factory on Nevada Road, also has been promoting its buses to buyers in Europe and Asia. Guggenheim Venture Partners and ORIX Venture Finance are leading the new financing package for DesignLine. “This capital infusion allows DesignLine to meet the ever-increasing global demand for our products,” DesignLine Chief Executive Brad Glosson said in a prepared statement. “We truly appreciate the support of our original shareholders, new investors, vendors and customers over the last few months as we completed this financing." Earlier this year, the busmaker struggled with paying back a $7 million revolving credit facility and an $800,000 term loan with Wachovia Bank, now owned by Wells Fargo & Co. It briefly went public in late 2009 but then reverted to being privately held after only three months of public trading of its shares. DesignLine fended off allegations about the reliability of its older buses. And it wrestled with suits from vendors AirBorn USA in Denver, Allied Electronics Inc. in Fort Worth, Texas, and Altairnano in Reno, Nevada. DesignLine says it is finalizing plans to open an office in China. The company also has a factory in Christchurch, New Zealand, and an operations office in Amman, Jordan. Source: http://www.bizjournals.com/charlotte/blog/going_green/2010/12/designline-announces-new-financial.html?ana=RSS&s=article_search&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+charlotte_blog_goinggreen+%28Charlotte+Going+Green%29 ------------------------------------------------------------------------------------------------ DesignLine Corp. Secures Financing from Consortium of Major Financial Institutions DesignLine Corp. for mass transit, announced today that is has secured a substantial financing from a consortium of major financial institutions. The financing was led by Guggenheim Venture Partners, which doubled their initial investment in the Company, and ORIX Venture Finance, which provided a new debt facility. “Guggenheim Venture Partners and ORIX Venture Finance both independently focus on long-term, strategic investments in companies that are the industry leader in their particular market segment,” noted Darren C. Wallis of Guggenheim Venture Partners and Jeff Bede of ORIX Venture Finance in a joint statement. “DesignLine is such a company. With hybrid and electric drive technology being deployed in the United States, New Zealand, Australia and the Middle East, DesignLine is truly changing the face of global transit. We are excited to be partners with them.” DesignLine Corporation is leading the way to cleaner urban skies and quieter cities with its patented and proprietary designs for hybrid and all-electric buses which not only significantly reduce emissions but also provide lower total life-cycle operational costs. “This capital infusion allows DesignLine to meet the ever-increasing global demand for our products,” said DesignLine CEO Brad Glosson. “We truly appreciate the support of our original shareholders, new investors, vendors and customers over the last few months as we completed this financing. DesignLine is now positioned to take full advantage of the technical superiority of its products and aggressively complete production on our over $300 million in current contracts.” Source: http://www.masstransitmag.com/web/online/Industry-Announcements/DesignLine-Corp-Secures-Financing-from-Consortium-of-Major-Financial-Institutions/1$13200 |
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