Growing Technology Company Secures $5 Million in Funding and Rings the NASDAQ Closing Bell
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Xplore Technologies Corp. (“Xplore”) develops some of the world’s most rugged tablets, docking stations, and accessories built to outlast storms, extreme temperatures, vibration, shock and other severe environments.
To continue to grow its business, Xplore needed financing to develop and manufacture the tablets before putting them on the market. The bank they were working with became increasingly conservative and unreliable for funding and they began researching factoring companies.
After a serendipitous meeting on an airplane between the chairman of Xplore, Philip S. Sassower, and Far West Capital chairman, Don Stricklin, a new partnership emerged. The Far West Capital team set up a meeting to explore the opportunity and review financials, and quickly began to understand the urgency in finding a solution to help sustain Xplore’s business.
Far West Capital funded $5 million to Xplore and provided factoring for accounts receivable, inventory, and purchase orders.
“For smaller companies, having an available source of capital is critical,” said Rapisand. “Without companies like Far West Capital, there’s no way the economy can ever grow. Far West Capital has been there for us without any negative surprises. They did what they said they’d do. They are solutions-oriented and always strived to figure out a way for us to accomplish our goals. We’re proud Far West Capital helped us unleash our potential.”