FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Rosenthal & Rosenthal Provides $3MM Credit Line to Brekford Corp.

May 29, 2014, 07:41 AM
Filed Under: Technology

Brekford Corp., a leading public safety technology service provider of automated traffic safety enforcement solutions, parking enforcement solutions, and an end-to-end suite of technology equipment for public safety vehicle services, announced the completion of a new financing arrangement with Rosenthal & Rosenthal, Inc., a privately held finance company that provides asset-based lending, factoring, and specialty lending to a wide variety of industries.

The $3 million financing arrangement carries an initial term of two years and includes a $2.5 million revolving secured line of credit in addition to a $500,000 term loan. The credit agreement replaces Brekford's prior $2 million revolving credit agreement with PNC Bank, National Association ("PNC") that was due to expire August 31, 2014.

Following a review process with management and the Board of Directors, the Company believes that it is prudent to take steps to improve its working capital position in support of ongoing growth initiatives in relation to automated traffic safety enforcement ("ATSE") and parking and collections services ("PCS").

"We are very pleased to have Rosenthal & Rosenthal as a partner as we continue to explore every option to strengthen our balance sheet in support of national and international business expansion efforts," commented Rod Hillman, President and Chief Operating Officer of Brekford Corp. "The new credit facility provides sufficient borrowing capacity for new orders from both existing and new customers while maintaining flexibility for capital expenditures when certain pending ATSE and PCS projects are ready to launch."

"Brekford was originally founded as a company focused on public safety," added C.B. Brechin, Chief Executive Officer of Brekford Corp. "Despite what recent financial results might indicate, the team at Brekford is continuing to perform at a high level and working tirelessly to rebuild our sales pipeline in the public safety sector. With the new financing arrangement in place, we will be able to execute and deliver on several exciting projects that are currently in the planning and implementation stages."

Brekford Corp. provides state-of-the art public safety technology and automated traffic enforcement solutions to municipalities, the U.S. military, various federal entities and other public safety agencies throughout the United States. Its services include automated speed and red light camera enforcement programs, parking enforcement citation collections and an end-to-end suite of technology and equipment for public safety vehicle up-fitting. Brekford's combination of up-fitting services, cutting-edge technology, and automated traffic enforcement services offers a unique 360-degree solution for law enforcement agencies and municipalities.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.