WWA Group Secures New Bank Credit Lines
WWA Group, Inc. (OTCBB: WWAG) today announced that its wholly owned subsidiary, World Wide Auctioneers, Ltd., has secured a new line of credit from its primary banker in Dubai in the amount of approximately $4 million. The credit line consists of working capital and general asset finance facilities, and will be used primarily for the expansion of the Company’s equipment trading activities. The Company has increased its equipment buying and selling activities over the past two years as a complement to its core equipment auction business.
“We are pleased that our relationships with Dubai financial institutions have reached this level of confidence,” commented Company CEO Eric Montandon. “We have proved our creditworthiness over the past few years in this market, and can plan for increased asset finance facilities in the future. With additional finance, we can grow our own account trading activity, and strengthen our relationships with key consignors to attract more equipment to the auctions. The overall effect on our revenue and profit should be very positive.”
WWA Group is a public company; its common shares trade on the OTCBB under the ticker symbol “WWAG.OB”
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