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TCA Global Provides $15MM in Acquisition Financing to iTeknik

January 25, 2017, 07:00 AM
Filed Under: Industry News

iTeknik Holding Corporation announced that on December 30th, 2016 it had secured a $15 million dollar credit facility from institutional lender, TCA Global Master Credit Fund, LP to be used primarily for making acquisitions.

TCA Global Master Credit Fund, L.P. and iTeknik Holding Corporation agreed to terms and closed on the $15 million facility on the last business day of the year, December 30, 2016. The facility is for 20 months and will provide multiple advances as requested and approved for individual or multiple acquisitions.

Fred Wicks, the Company's Chairman and CEO said, "With access to the amount of capital provided under this facility we believe that we will be able to secure a number of significant acquisitions to build shareholder value. In conjunction with securing this funding we have developed a new strategy to focus in the media and advertising space. We plan to make an acquisition that will give us base to build from in the media and advertising space and then expand through organic growth and future acquisitions. I also want to thank all of the shareholders who have stayed with us through this long refocusing process."

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