Telkonet, Inc. Secures Traditional Business Credit Line of $2.0 Million
MILWAUKEE, June 7, 2013 /PRNewswire/ -- Telkonet, Inc. (OTC BB: TKOI), developer of the EcoSmart energy management platform featuring Recovery Time™ technology, announced today that it has been granted a $2.0 million traditional business credit line from San Jose, California-based Bridgebank.
"We are very pleased to have established this banking relationship with Bridgebank as it will provide Telkonet with the necessary flexibility and capital to secure additional revenue projects," stated Jason Tienor, CEO of Telkonet.
Historically, many of Telkonet's energy management projects have required a bonding element wherein the Company has been required to contribute cash towards a performance bond from its balance sheet to secure and begin a project. The addition of this credit line not only provides additional, non-dilutive working capital at a respectable cost, but also affords Telkonet the ability to have multiple bonded projects open simultaneously by fulfilling the collateral requirements of the bonded projects.
"Twenty four months ago, we could not even consider the possibility of a traditional credit line to assist in the growth of our business model. However, we've been able to sanitize our balance sheet, introduce incredible technology and are now being recognized as a significant solution-provider in the rapidly expanding occupancy-based, energy management industry", stated Tienor.
Telkonet, a leading United States-based energy management technology provider, offers hardware, software and services to commercial customers worldwide. The EcoSmart suite of products, which includes EcoInsight and EcoWave intelligent thermostats, the EcoGuard energy management outlet and the EcoSwitch energy-efficient light switch can be deployed in most building environments to cut utility costs and enable remote monitoring and control using the EcoCentral management platform. Telkonet's energy management products have the power to reduce energy consumption, minimize carbon footprints and help eliminate the need for the construction of new power plants. For more information, visit www.telkonet.com.
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Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand and the Company's ability to obtain new contracts and accurately estimate net revenue due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential factors that could affect the Company's financial results, can be found in the Company's Registration Statement and in its Reports on Forms 8-K filed with the Securities and Exchange Commission (SEC).
Telkonet Investor Relations
SOURCE Telkonet, Inc.
Released June 7, 2013