BENTONVILLE, Ark., Nov. 29, 2017 (GLOBE NEWSWIRE) -- Glucose Health, Inc. (OTC:GLUC) today confirmed it has secured the capital required to finance the inventory associated with its expanded line-up of Glucose Health® Diabetic-Friendly iced tea mixes. On November 22, 2017, Glucose Health, Inc. and Capital Consulting, Inc. of Delray Beach, Florida executed a Revolving Line of Credit Agreement, Promissory Note and Security Agreement (the “Revolving Line of Credit”). The Revolving Line of Credit will additionally enable the planned future expansion of distribution of new Glucose Health® Diabetic-Friendly iced tea mixes, to additional retailers and online marketplaces.
A key benefit of the Revolving Line of Credit is it bridges the time-interval between the purchase of raw materials needed to manufacture Glucose Health® products and receipt of customer payment. The Revolving Line of Credit is complimentary to the Citi® Supplier Financing agreement signed with Citibank, N.A. last October 2016, which has the effect of reducing the time-interval of 60 days or more between the issuance of a customer invoice by Glucose Health, Inc. and receipt of payment, to just 7 days.
The Revolving Line of Credit has been secured on favorable terms, including for shareholders. The terms provide for simple interest of 10% payable monthly on outstanding loan balances. The maximum outstanding loan balance is set initially, at $60,000. Only inventory produced as a consequence of the Agreement is subject to the security provisions of the Agreement. The Agreement has no provision for issuances of common stock, warrants, options or any other similar arrangement dilutive to shareholders. There are no points or finder’s fees. Glucose Health, Inc.’s sole transaction cost is responsibility for the payment of legal fees for implementation of the Agreement.
Glucose Health, Inc. CEO Murray Fleming said, “This Revolving Line of Credit means the entire production cycle for Glucose Health® products – from purchase of raw materials through to final customer payment – is now financeable (at favorable rates of interest). It’s a great achievement this early in the Company’s development and is another example of our ongoing commitment to utilize only prudent, shareholder-friendly financing, for growth.”
About Glucose Health, Inc. (OTC:GLUC)
Glucose Health® Diabetic-Friendly Iced Tea Mix is the only iced tea in America that is also a diabetic nutritional supplement. It is enriched with six key micronutrients including, for example, Vitamin B12 (cyanocobalamin). Long term use of diabetes prescription medication, Metformin, has been linked in some clinical studies to Vitamin B12 deficiency. It is further enriched with Banaba Leaf, the most compelling of all plant extracts utilized as a traditional remedy for diabetes. For thousands of years, in Ayurvedic medicine in India, Banaba Leaf has been indicated for diabetes. Additionally, every serving of Glucose Health® Diabetic-Friendly Iced Tea Mix is a “Good Source of Fiber”; containing Fibersol®-2, a unique 100% soluble fiber, clinically proven to help slow the body’s absorption of dietary sugars and fats and moderate rising after-meal blood glucose levels. Original Glucose Health® Blueberry Tea Mix is sold nationwide at Walmart, in the pharmacy "Diabetic Supplies" aisle, at Walmart.com and is also available at Amazon. New Glucose Health® Iced Tea Mix in Natural Lemon, Peach and Mixed Berry Flavors are arriving in early 2018.
Glucose Health, Inc. is publicly-traded with ticker symbol OTC: GLUC.
Glucose Health, Inc.