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Total-Coral enter into receivables factoring agreement
25 Nov '09
2 min read
Total Apparel Group, Inc., a master distributor and licensee of market-leading international trademarks in the branded apparel, footwear and accessories sectors, announced that it has entered into a receivables factoring agreement with Coral Capital Solutions that will expedite the cash flows of the Company and provide collection services, while reducing credit risk.
“Coupled with our recently announced credit facility, this factoring agreement arms us with a powerful tool to accelerate growth,” said TAG CEO Janon Costley. “For those investors not familiar with factoring arrangements, from time to time TAG may sell our receivables to Coral at a moderate discount to the total bill. We can then immediately use the cash advance received from Coral to place more orders with our manufactures. Coral will also assume the credit risk of certain customers and continually monitors the credit worthiness of existing customers through its credit approval process. In addition to these services Coral also facilitates and manages the collection of payments from the customers whose receivables it has purchased from the Company. Extremely well capitalized, Coral has the required funds to support the rapid growth of our business - allowing TAG to focus on adding quality new customers and rapidly processing new orders.”
“We are proud to add TAG to our pool of clients and to partner with them on the U.S. launches of FIFA Collections, official 2010 FIFA World Cup merchandise and the Kappa and Robe Di Kappa brands. Coral brings unparalleled liquidity and capital to allow TAG to fully capitalize on this opportunity, and to achieve its short and long term sales objectives,” stated Coral Capital Solutions CEO Rishi Kumar.
“Coupled with our recently announced credit facility, this factoring agreement arms us with a powerful tool to accelerate growth,” said TAG CEO Janon Costley. “For those investors not familiar with factoring arrangements, from time to time TAG may sell our receivables to Coral at a moderate discount to the total bill. We can then immediately use the cash advance received from Coral to place more orders with our manufactures. Coral will also assume the credit risk of certain customers and continually monitors the credit worthiness of existing customers through its credit approval process. In addition to these services Coral also facilitates and manages the collection of payments from the customers whose receivables it has purchased from the Company. Extremely well capitalized, Coral has the required funds to support the rapid growth of our business - allowing TAG to focus on adding quality new customers and rapidly processing new orders.”
“We are proud to add TAG to our pool of clients and to partner with them on the U.S. launches of FIFA Collections, official 2010 FIFA World Cup merchandise and the Kappa and Robe Di Kappa brands. Coral brings unparalleled liquidity and capital to allow TAG to fully capitalize on this opportunity, and to achieve its short and long term sales objectives,” stated Coral Capital Solutions CEO Rishi Kumar.
Total Apparel Group Inc
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