VitalTrust Business Development Company (OTCBB:VTBD) (VTBD) today announced that it has reached an agreement with its majority shareholder for the utilization of the $30,000,000 equity portfolio which was previously contributed to the company to secure financial instruments to support the Company’s renewable energy businesses.
Further, the agreement contemplates the utilization of the portfolio for any matters unrelated to the company’s ongoing Energy business.
As previously announced, the Company is pursuing a new business direction in the renewable energy sector which will include specific financial activities with regards to the production, distribution, sales, and marketing of bio-diesel, ethanol, and electricity.
The ability to access secured financing potentially places the company at a true strategic advantage to others in the marketplace and should allow for express pathways to revenue and earnings, the company said.
The company has also agreed to retire the preferred stock by returning the portfolio if it reaches certain revenue and earnings benchmarks.
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