OGDEN, UT--(Marketwire - March 22, 2011) - TAB Bank announces the funding of an accounts receivable and inventory line for local outdoor hydration pack and hydration system company, Geigerrig of Ogden, UT.
Geigerrig creates, manufactures and distributes performance enhancing hydration packs for those who work and play in the great outdoors. Geigerrig was just awarded the 2011 Outdoor Retailers' In-New-Vation Award for best new product. Geigerrig, with its "Never Suck Again" tagline, has introduced a simple, pressurized hydration system that sprays. It is no longer a requirement to suck in order to access the water you carry; and with this comes much greater access to water sources as well as a whole new array of convenient uses for the water in your pack or bag. With an in-line filter that snaps in and out of the drinking tube, the user of a Geigerrig can dip their Hydration Engine into a stream, river, creek or pond and just keep on moving. The pressurized system pushes the water through the filter as it travels through the drink tube. This means more access to more water.
TAB Bank is excited to be working with such an innovative company bringing new products to the marketplace. The relationship required a custom working capital solution compared to a traditional line of credit at a traditional bank. TAB spent time understanding the Geigerrig story and potential and was able to underwrite specifically to meet Geigerrig's needs.
TAB could see the potential with the amount of solid orders as well as the solid management team Geigerrig has in place. Because of that, TAB used purchase orders, inventory and accounts receivable to provide liquidity that will allow Geigerrig to more rapidly meet the demands for their innovative products.
TAB Bank provides custom working capital solutions to transportation and non-transportation companies in all stages of business life cycles during all economic conditions. TAB Bank does so through Accounts Receivable Financing, Lines of Credit and Asset Based Loans.
Contact Information:
Eric Myers
Director of Marketing
801-624-4153