CHEYENNE, WY and SOUSSE, TUNISIA--(Marketwired - Feb 17, 2017) - Aircraft manufacturer PM&E, Inc. (OTC: PMEA) announced today that it has reached a business financing agreement with a very favourable lender
CEO Joseph Bourne stated, "Our recent announcements, business activity and partnerships have all garnered new interest among the business financing community. One company in particular has stepped forward and taken ownership in financing our immediate business plans under very favourable terms. Yesterday we signed a 10 million dollar Term Sheet with GHS Investments, LLC in New York. This move is important because it has resulted in a significant improvement of the terms under which we can access capital on an as needed basis. We are pleased to be working with GHS and will commence with becoming a fully reporting company via the filing of a Form 10 registration immediately. The registration will allow for a higher degree of transparency and reliability for our long-term investors."
Mr. Bourne said, "In light of this new direction via an S-1 filing, the board and I have decided to terminate the original 10 million dollar Reg-A deal with GPL Ventures, LLC. They are a great company and we appreciate their willingness to support the growth and development of our company, but at this point, this new direction is a better fit for our long term strategy."
PM&E, Inc. is an aircraft company with a contracted manufacturing facility located in Sousse, Tunisia. The company is in the process of implementing a modern manufacturing plant in Tunisia and securing a facility for aircraft assembly in Wyoming. The company manufactures their signature line of EVADA Aircraft. Through a strategic partnership, DiNelly EXOGYRO also manufactures their commercial ultra-light gyrocopters at the same facility in Tunisia creating synergies and cost savings for both companies through a shared resources and revenues agreement.
Mr. Bourne went on to say, "It quickly became obvious to us that a company of our size and scalability required a more structured and streamlined process for accessing operating capital. Banks and other institutional investors look more favourably upon those companies that raise capital via a Form 10 filing and an S-1 registration. In fact, we are already in preliminary discussions now with some of those same institutions for additional support over the long term. We have additional news that we plan to share next week, but in the meantime, as always, we'd like to thank everyone for their support."
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Except for the historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results predicted and reported results should not be considered an indication of future performance. In addition to the factors discussed in the filings with the Securities and Exchange Commission, among the other factors that could cause actual results to differ materially are the following: adverse changes in the business conditions and the general economy; competitive factors, such as rival companies' pricing and marketing efforts; availability of third-party material products at reasonable prices; the financial condition of the customer; risks of obsolescence due to shifts in market demand; and litigation involving product liabilities and consumer issues. PM&E Inc. cautions readers not to place undue reliance upon any such forward looking statements, which speak only as of the date made. PM&E Inc. expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the company's expectations or any change in events, conditions or circumstances on which any such statement is based.