Financing will allow company to grow into industrial markets
BIOREM, Inc., has announced that it completed a $3,000,000 debenture financing with Wellington Financial, LP.
The debt financing was completed to bolster Biorem’s working capital position to deliver on its current record level of order backlog and to execute its strategic plan to further grow its business and more thoroughly penetrate industrial markets.
In addition, the company believes that its recently announced advances in technology development and planned future advances will result in broader air pollution treatment applications for Biorem’s technology, and consequently, greater demand for its products.
"Biorem is a clean technology air pollution control company that is expanding the use of our technology to a wider range of applications that allows us to enter new markets,” said Peter Bruijns, president and CEO. "This funding will be used for working capital and the investment in R&D and sales resources to drive future growth in bookings and revenues."
Canaccord Capital Corp. acted as financial advisor to the company.