HOUSTON, TX / ACCESSWIRE / June 14, 2016 / ANGO World Holdings, Inc. (AWHI) announced that it has completed a debt facility transaction for Legend Advance Funding II, LLC ("Legend"), a privately owned New York City-based specialty finance company. ANGO, a publicly traded investment banking firm with a focus on business development activities.
Legend's business is providing working capital financing to small and medium-sized businesses in the U.S. and Canada by means of merchant cash advance financings. The capital provided in the transaction with ANGO will be used by Legend to support the expansion of its current merchant cash advance business.
ANGO acting as principal of the transaction structured and funded the $3 million secured debt facility for Legend. The transaction agreement also provides equity ownership to ANGO and a seat on the Board of Directors. No other terms of the transaction were announced.
Commenting on the transaction with ANGO, Michael Petrycki, Managing Partner of Legend stated, "We are extremely pleased to partner with an investor of ANGO's caliber and we look forward to a mutually rewarding and expanding relationship for years to come."
Ango CEO John Carson stated, "We are looking forward to working with Legend as they grow their business. The merchant cash advance industry is experiencing exciting growth and we felt that the legend management team are strongly positioned to take advance of this opportunity."
About Legend Advance Funding II, LLC
Legend is a privately owned specialty finance company providing Merchant Cash Advance services through its FinTech platform with integrated marketing, sales, underwriting and client servicing capabilities. The company's headquarters are located in New York City.
About ANGO World Holdings, Inc.
ANGO is a publicly traded investment banking firm with a focus on business development trading under the symbol "AWHI" on the OTC. The company is headquartered in Houston, Texas with executive offices in Boca Raton, FL, and has regional offices in New York, NY and Lugano, Switzerland.
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SOURCE: ANGO World Holdings, Inc.