DEERFIELD BEACH, Fla.--(BUSINESS WIRE)--
Capstone Companies, Inc. (CAPC) (“Capstone” or the “Company”), a designer of innovative LED lighting solutions including power failure lighting, today announced its 2017 strategic initiative to eliminate all related party debt has been achieved. The Company made its final payment towards the outstanding balance of director’s loans this week.
Mr. McClinton, Capstone’s Chief Financial Officer commented, “We are pleased to announce a primary financial objective set forth by our executive team has been accomplished. The Company was able to eliminate all related party debt, totaling $1.3 million, which includes accrued interest. By accomplishing this objective, we significantly reduced our interest expenses during the year. Also noteworthy is that the Company maintained a $0 year-end bank loan balance.”
Mr. McClinton added, “We are expecting 2017 record revenues.”
About Capstone Companies, Inc.
Capstone Companies, Inc. is a designer of innovative LED lighting solutions including power failure lighting, for consumers and institutions. The Company’s products are sold under the Capstone Lighting and Hoover® HOME LED brands, to big box retailers, wholesale clubs, and home improvement stores throughout North America and in international markets. Capstone’s strategy is to utilize its low-cost manufacturing base to provide high-quality consumer products to its customers at a reasonable price, using primarily direct import distribution.