Telkonet, Inc. Granted $2.0 Million Traditional Business Credit Line

  • Telkonet
  • 06.10.13
Developers of the EcoSmart energy management platform, Telkonet, Inc. announced the securement of a traiditional $2.0 million credit line.

Telkonet, Inc. Secures Traditional Business Credit Line of $2.0 Million

Telkonet, Inc. (OTC BB: TKOI), developer of the EcoSmart energy management platform featuring Recovery Time™ technology, announced that it has been granted a $2.0 million traditional business credit line from San Jose, California-based Bridgebank.

“We are very pleased to have established this banking relationship with Bridgebank as it will provide Telkonet with the necessary flexibility and capital to secure additional revenue projects,” said Jason Tienor, CEO of Telkonet. 

Historically, many of Telkonet’s energy management projects have required a bonding element wherein the Company has been required to contribute cash towards a performance bond from its balance sheet to secure and begin a project.  The addition of this credit line not only provides additional, non-dilutive working capital at a respectable cost, but also affords Telkonet the ability to have multiple bonded projects open simultaneously by fulfilling the collateral requirements of the bonded projects.

“Twenty four months ago, we could not even consider the possibility of a traditional credit line to assist in the growth of our business model.  However, we’ve been able to sanitize our balance sheet, introduce incredible technology and are now being recognized as a significant solution-provider in the rapidly expanding occupancy-based, energy management industry”, stated Tienor.

For additional information, please refer to the company’s 8-K and corporate filings which can be found within the Investor Relations section at www.telkonet.com or at the SEC web site, www.sec.gov.




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