MWW Automotive Inks Deal with Hillair and AEGIS
Under the terms of the agreement, MWW will get an initial financing of $250,000 from Hillair and an additional investment of $400,000 from AEGIS Capital.
New York-based AEGIS Capital serves as investment banking firm and financial advisor of MWW.
The investment consists of a 12-month convertible debenture, convertible at a fixed price of $0.04 per share with standard warrant coverage at a fixed conversion.
In June 2011, MWW has started the process to expand its production capacity by adding third line production line capacity in its facility. The firm is now in the process of expanding in order to meet the increasing demands for its products and services.
Rainer Poertner, responsible for global business development and investor relations at MWW, said: â€œAccordingly, MWW has decided that this is the appropriate time to enter into an investment agreement with Hillair Capital Investment LP, aided by the financial advisory services of AEGIS Capital Corp. We appreciate Hillair's decision, after conducting due diligence at our headquarters and production facility, to trust us and our management team with their investment.
â€œAs we move forward with our vision to grow the company and enhance our product offerings, myself and our entire management team, led by our CEO, Chuck Pinkerton, will work closely with Hillair and AEGIS. The MWW team is committed to achieve both our short term and longer term financial goals, satisfy our funding requirements for expansion and produce an increasing ROI for our investors, as the company expands its client and product roster, increases production volume and improves financial performance.â€
MWW Automotive Group is a certified full service supplier of OE accessories for the global automotive industry for the customization of cars, sport utility vehicles and light trucks.
Will the deal commercially benefit MWW?
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