Xzeres arranges USD-1.5m credit line with Magna Group
Aug 10, 2012 - US-based Xzeres Corp (OTC:XPWR), a producer of small wind turbines and power management devices, yesterday said it had arranged a USD-1.5-million (EUR 1.2m) credit facility with alternative investment firm Magna Group.
The credit, which carries an annualised interest rate of 16%, will help Xzeres to deliver the orders in its backlog for the fiscal year 2012/13 through February, CEO Frank Greco said.
The company's current order backlog tops USD 6 million in orders to be fulfilled in two to four months. For comparison, the backlog for the previous fiscal year was less than USD 1 million.
Xzeres, which is mainly active in the UK market, expects to set foot on new markets including Japan, Italy and the Caribbean in the coming months. The company confirmed its guidance for revenue of up to USD 20 million for the current fiscal year, compared with USD 3.9 million a year earlier.