|
PRESS RELEASE
EcoSMART Technologies Secures an Additional $4 Million
ATLANTA, October 19, 2010 -- EcoSMART Technologies Inc.
today announced the closing of a $2 million equity
investment from Greenmont Capital Partners and the funding
of an additional $2 million under its credit facility with
Western Technology Investment (“WTI”). The company will use
the funds to provide additional growth capital and to
support the working capital requirements as it continues to
rapidly grow the sales of its complete line of safe and
effective pesticide products.
"Greenmont brings a deep expertise in branded natural
products to the company,” said Vern Kennedy, CEO of EcoSMART.
“In short order, we have become the undisputed market share
leader amongst natural pesticides. We look forward to
leveraging Greenmont’s experience and relationships to
dramatically expand the awareness and distribution of our
products.”
“Greenmont looks for companies in the Natural Products
categories with proven customer traction and natural
products that are unique and compete effectively with their
non-natural alternatives,” said David Haynes of Greenmont
Capital Partners. “EcoSMART’s impressive growth through
leading home centers, grocery chains and natural retailers
validates the consumer demand for a safe and effective
alternative to synthetic pesticides.”
Mike Lemberg, CFO of EcoSMART, added “Western Technology
Investment has been a great partner to the company,
providing the working capital needed to support the rapid
growth. The capital from Greenmont and WTI supports the
continued growth and scaling of the company.”
About EcoSMART Technologies
EcoSMART Technologies is the world leader in
proprietary pesticide products derived from natural plant
oils. The active ingredients in EcoSMART's products are
unique, synergistic blends of essential oils, many of which
are classified GRAS (generally recognized as safe) by the
U.S. Food and Drug Administration and approved as direct
food additives. EcoSMART Technologies is the first company
to economically enable a realistic shift from synthetic to
botanical pesticides in the residential, commercial,
industrial and agricultural markets. For more information,
visit
www.ecosmart.com.
About Greenmont Capital Partners
Greenmont Capital Partners is an investment
fund founded by Natural Products industry insiders, focusing
on early-stage companies in the $500-billion Lifestyles of
Health and Sustainability (“LOHAS”) market. Greenmont’s
operations are strategically headquartered in Boulder,
Colo., a city widely regarded as the epicenter or "Silicon
Valley" of the Natural Products industry, providing optimal
flow of information, contacts, resources and investment
opportunities in the LOHAS space. Additional information is
available at
www.greenmontcapital.com.
About Western Technology Investment
Founded in 1980, Western Technology
Investment (WTI) is the world’s leading venture debt firm,
financing venture-backed companies in the technology,
healthcare and cleantech industries. WTI’s 13th
fund builds upon the firm’s successful history, which has
included investments in Ablation Frontiers, Brocade, Cerent,
Evalve, Facebook, Google, IDEC Pharmaceuticals, Infoseek,
IronPort, Juniper Networks, NanoSolar, Postini, Transmeta,
VeriSign, and many others. For more information, please
visit
www.westerntech.com.
Contact:
Mike Lemberg, CFO
EcoSMART Technologies, Inc.
(770) 667-0006
###
Back to News
|