The parent company of the uBid online auction site, uBid.com Holdings Inc., issued a press release announcing it has closed a new three year, $25 million secured revolving credit facility with Wells Fargo Bank, NA. Management intends to use the facility to fund channel expansion and working capital needs.
Robert H. Tomlinson Jr., President and Chief Executive Officer stated, "Securing a substantial credit facility is an important step in uBid.com's transformation and represents a vote of confidence from the financial community, given the status of Wells Fargo as a premier lender to small cap growth companies. He added, "The availability of capital will now allow us to execute on our plan to expand uBid.com's online marketplace for wholesale, surplus and salvage assets. Ultimately, we've strengthened our balance sheet and enhanced our ability to execute our business model over the next several years."
