ATLANTA, GA--(Marketwire -06/15/12)- Speedemissions, Inc. (SPMI), a leading vehicle emissions testing and safety inspections company with stores in Atlanta, Houston, St. Louis and Salt Lake City, today announced that it has closed a $2M credit line with TCA Global Credit Master Fund LP.
Rich Parlontieri, President/Chief Executive Officer of Speedemissions, stated, "This credit line with TCA will allow us to execute the new strategic initiatives which we expect to announce prior to the end of the second quarter, improve store operations and move the Company toward increasing revenue and profitability. What's also exciting is that we should be able to properly market our CARbonga-SRI app."
"CARbonga-SRI is a life-style app that just makes sense for anyone getting ready to buy a used car. Simply buy the app, install and operate it. This is an app that provides value and benefit to every iPhone®, iPad® and iPod touch® user," added Mr. Parlontieri.
More information concerning the Company's revolving credit facility with TCA can be found in its most recent filing of Form 8-K with the Securities and Exchange Commission.
About Speedemissions Inc. http://www.speedemissions.com and http://www.CARbonga.com
Speedemissions, Inc., based in Atlanta, Georgia, is a leading vehicle emissions testing and safety inspections company in the United States. We provide services in certain areas where auto testing is mandated by the Environmental Protection Agency (EPA). Since the emissions testing market is highly fragmented, Speedemissions expects to be the first company to create a national brand offering their customers quick and efficient vehicle emissions testing service. The current focus of the company is in the Atlanta, Georgia; Houston, Texas; St. Louis, Missouri and Salt Lake City, Utah markets. CARbonga is a product of Speedemissions.
TCA Fund Management manages the TCA Global Credit Master Fund (www.trafcap.com) and acts as an advisor to countless small companies from its offices in the United States, United Kingdom, and Australia. TCA is a short duration, absolute return fund specializing in senior secured lending to small, mainly listed companies in the U.S., Canada, Western Europe, and Australia. The team has a level of domestic and cross-border expertise, long-standing experience and funding innovations, as is reflected in the number of transactions completed. This is a specialist business with an investment angle which fills an important finance uncorrelated returns in the SME universe. For more information: firstname.lastname@example.org.
Certain statements contained in this news release regarding matters that are not historical facts may be forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties pertaining to continued market acceptance for Speedemissions' products and services, its ability to succeed in growing revenue, the effect of new competitors in its market, integration of acquired businesses, and other risk factors identified from time to time in its filings with the Securities and Exchange Commission.
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