GlobeNewswire2 months ago
COSTA MESA, Calif., Nov. 01, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Sipp Industries, Inc. (SIPC), a multifaceted corporation specializing in technology, manufacturing and distribution of commercial and consumer products, today announced it has entered into a financing agreement with Wanderport Corporation (WDRP) for a $500K bridge line of credit to support near term growth. The line of credit is structured as a convertible note and can only be used for beverage development, production, sales and marketing. The facility can increase to $1M and serves as a bridge until the Company secures additional financing to support its organic and external growth. The Company and Wanderport Corporation formalized their partnership in September 2017 by completing a 25M share stock swap. At Sipp’s current stock value, Wanderport has an unrealized gain of $1.5M which it will use as part of a mechanism to provide funding to Sipp Industries.