Armada Mercantile Ltd., (Symbol: CSE: ARM and USOTC: AAMTF) announces that Oxygen Funding, Inc. (“Oxygen”), an affiliated ownership company, has signed a funding agreement with a confidential New York based capital firm. The agreement provides capital to fund clients of Oxygen in the $1,000,000 to $20,000,000 size range for factoring and supply chain transactions. Oxygen will continue to support its smaller client transactions with capital sourced from “participant’s cash” which has reached nearly $2,700,000.
Since February 2018, Oxygen’s trade finance business has grown (purchased accounts receivables or financed invoices) to approximately $2,800,000. The goal for 2019 is to reach $10,000,000 subject to adequate capital on hand and approved client accounts. Since 2007, Oxygen has purchased and collected approximately $110,000,000 of accounts receivables.
About Oxygen Funding: Oxygen Funding is a fully licensed trade finance lender (California Finance Lenders & Brokers license #603G957) that has been funding commercial businesses since 2007. Oxygen Funding finances clients sourced, underwritten and serviced by an in-house staff. For more information on Oxygen Funding, please visit: www.oxygenfunding.com.
For more information pertaining to Armada Mercantile Ltd., visit: www.armadamercantile.com.
“Patrick Cole”, President
Contact Telephone Number: 916-746-0029. This press release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. The Company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this news release. The risks and uncertainties discussed in documents filed by the Company with the British Columbia, Alberta and Ontario Securities Commissions.