SOURCE: Titan Energy Worldwide

Titan Energy Worldwide

July 06, 2011 09:00 ET

Titan Energy Engages Harborcove Financial to Provide New $2 Million Financing Facility

MINNEAPOLIS, MN--(Marketwire - Jul 6, 2011) - Titan Energy Worldwide, Inc. (OTCBB: TEWI), a leader in distributed power generation products and intelligent energy management services, announced today that it has engaged Harborcove Financial to provide accounts financing and help manage the company's receivables. This new agreement replaces the company's previous line of credit which was to terminate on June 20, 2011. The Harborcove financing effectively increases the Company's borrowing base from $1 million to $2 million and allows the Company to finance its receivables in all areas of the United States.

"We are pleased to have Harborcove Financial as our new finance partners as they will provide us with valuable financing on accounts receivables in all areas of our operations as well as support us in our credit procedures and receivable collections. We believe the impact of this new financial arrangement will be immediate and positive as we have been seeing improved bookings in all areas of Titan's operations and this new financing will facilitate timely shipments," said Jeffrey Flannery, Chief Executive Officer for Titan Energy.

"This new financing will be of particular benefit to our operations in Florida where we have been operating without a working line of credit. With this in place, we expect to see an improvement in sales out of our Southeast operations as we have seen an increase in purchase orders for new equipment these past several months. This arrangement will also give Titan the ability to take on larger orders and respond more quickly during this region's hurricane and storm season," added Flannery.

About Titan Energy Worldwide, Inc.
Titan Energy Worldwide is a provider of onsite power generation, energy management and energy efficiency products and services that help support and improve the performance of our nation's electrical utility grid. We operate in an area of the overall electrical utility infrastructure called Distributed Generation, whereby we specialize in the deployment of power generation equipment at the consumer's facility and the integration of that equipment through monitoring and communication systems with the needs of the utility's electrical grid. These onsite power generation systems support a customer's critical operations during times of power failure and serve as demand response systems that work to reduce energy usage and decrease demand on the electrical grid during peak periods. When managed with the proper intelligent monitoring systems and controls, Distributed Generation offers a vital and significant contribution to the development of the nation's Smart Grid. We contribute the tools and resources to produce immediate and long term improvements in the performance and stability in the energy production and transmission segments of the electrical grid and reduce the need for new power plants. From emergency and back-up power technologies, to demand response programs and Smart Grid applications, Titan Energy is setting a path for the future in energy management. For more information, please visit the company's website at: www.titanenergy.com.

Contact Information

  • For more information about Titan Energy Worldwide please contact:
    Jeffrey Flannery
    Titan Energy Worldwide, Inc.
    619-988-5869
    Email Contact