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Credit securing is important development for TAG - Janon Costley
28
Oct '09
Total Apparel Group, Inc. announced that it has secured a line of credit through Hartsko Financial Services that will assist the Company in financing purchase orders for Active Apparel and Kappa North America, two of TAG's wholly-owned subsidiaries. TAG's line of credit available is up to $10 million per transaction.

Hartsko has become TAG's “purchase order finance” and “letters of credit source” for its current, active business units. Founded by Richard Eitelberg, CPA, Hartsko handles about $180 million in annual transactions.

“This is an important development for Total Apparel Group. Our Finance team has done a great job in executing a strategy that will position the company for immediate rapid growth,” said TAG CEO Janon Costley. “Although generally considered a short to mid-term solution, the relationship with Hartsko is another critical step in our long term growth strategy. They have years of experience and an excellent reputation in the financial industry. Securing this line allows the company to utilize existing purchase orders with major accounts to secure production, thus allowing us the flexibility and agility to respond to the anticipated rapid increase in demand for our products in the coming months. In so doing, we can better serve our customers while better managing our current cash position.”

Total Apparel Group, Inc. aims to become the leading product licensing, brand management and retail development partner for pre-eminent sports, entertainment and lifestyle brands in the U.S. TAG recently leapt to global prominence with its selection as the official U.S. Master Distributor of FIFATM and FIFA World Cup Licensed Product.

Total Apparel Group Inc

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