Telkonet Announces Completion of Funding Arrangement

  • Telkonet
  • 09.10.08
Telkonet, Inc., a leading provider of innovative, centrally managed solutions for integrated energy management, networking, building automation and proactive support services, announced that it has entered into a two-year, $1,000,000 line of credit facility with Thermo Credit, LLC, a funding company specializing in the telecommunications industry.

The proceeds from this line of credit, together with the Thermo Credit $2.5 million receivable financing agreement signed in February 2008, will be used for the working capital requirements of the company to support growth opportunities and accelerate revenue.

“As we discussed in our second quarter conference call, this completes our goal of securing asset-based financing, helping us to shape the financing to our specific business needs. The funding will enable us to take advantage of the tremendous market potential for our energy management products, as the demand for our technology has been continually growing,” said Jason Tienor, Telkonet CEO.

This latest inventory-based funding will help Telkonet fulfill the pipeline demand for its energy management products, expand its opportunities with energy-saving programs, as well as continue to increase sequential quarterly growth and achieve its goal of operating cash flow breakeven within 2008.

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