EcoSMART Technologies Secures an Additional $4 Million
ATLANTA – October 19, 2010 – EcoSMART Technologies, Inc. today announced the closing of a $2 million equity investment from Greenmont Capital Partners and the funding of an additional $2 million under its credit facility with Western Technology Investment (“WTI”). EcoSMART Technologies will use the funds to provide additional growth capital and to support its working capital requirements as it continues to rapidly grow the sales of its complete line of safe and effective pesticide products.
“Greenmont brings a deep expertise in branded natural products to the company.” stated Vern Kennedy, CEO of EcoSMART “In short order we have become the undisputed market share leader amongst natural pesticides. We look forward to leveraging Greenmont’s experience and relationships to dramatically expand the awareness and distribution of our products.”
“Greenmont looks for companies in the Natural Products categories with proven customer traction and natural products that are unique and compete effectively with their non-natural alternatives,” said David Haynes of Greenmont Capital Partners. “EcoSMART’s impressive growth through leading home centers, grocery chains and natural retailers validate the consumer demand for a safe and effective alternative to synthetic pesticides.”
Mike Lemberg, CFO of EcoSMART, added “Western Technology Investment has been a great partner to the company providing the working capital needed to support the rapid growth. The capital from Greenmont and WTI supports the continued growth and scaling of the company.”
EcoSMART Technologies, Inc.
About EcoSMART Technologies
EcoSMART Technologies is the world leader in proprietary pesticide products derived from natural plant oils. The active ingredients in EcoSMART’s products are unique, synergistic blends of essential oils, many of which are classified GRAS (generally recognized as safe) by the U.S. Food and Drug Administration and approved as direct food additives. EcoSMART Technologies is the first company to economically enable a realistic shift from synthetic to botanical pesticides in the residential, commercial, industrial and agricultural markets. For more information, visit www.ecosmart.com
About Greenmont Capital Partners
Greenmont Capital Partners is an investment fund founded by Natural Products industry insiders, focusing on early-stage companies in the $500-billion Lifestyles of Health and Sustainability (“LOHAS”) market. Greenmont’s operations are strategically headquartered in Boulder, Colo., a city widely regarded as the epicenter or “Silicon Valley” of the Natural Products industry, providing optimal flow of information, contacts, resources and investment opportunities in the LOHAS space. Additional information is available at www.greenmontcapital.com.
About Western Technology Investment
Founded in 1980, Western Technology Investment (WTI) is the world’s leading venture debt firm, financing venture-backed companies in the technology, healthcare and cleantech industries. WTI’s 13th fund builds upon the firm’s successful history, which has included investments in Ablation Frontiers, Brocade, Cerent, Evalve, Facebook, Google, IDEC Pharmaceuticals, Infoseek, IronPort, Juniper Networks, NanoSolar, Postini, Transmeta, VeriSign, and many others. For more information, please visit www.westerntech.com.