VANCOUVER, BC – December 08, 2009: Espresso Capital Partners is pleased to announce the closing of their first fund – the C$2,000,000 SRED Fund I. Espresso Capital Partners is a new and innovative specialty financing firm headquartered in Vancouver BC with operations throughout Canada.
The fund will be used to finance growing, high technology, research and development focused companies using the Scientific Research and Experimental Development (SR&ED) application as collateral. Greg Smith, founding partner explains: “Many innovative companies are looking for bridge financing to get them to the next level. They may be on the verge of closing a major equity financing, rolling out new product or have a temporary need for cash to deliver on a customer order. In all these cases Espresso Capital, can play a significant role in providing financial assistance to help them through their working capital issues and leverage their future enterprise value higher.”
Todd Carter, CFO of Wolf Medical Systems, one of Espresso Capital’s early clients had this to say about the firm and it offerings, “The partners at Espresso Capital understood our software business model, quickly put together a financing for Wolf that allowed us to bridge operations until we closed our equity financing – at a time when the financial markets were in an upheaval. Today, we have all the pieces in place to execute on the market opportunity for Wolf Medical’s Electronic Medical Record solution.”
Gary Yurkovich, also a founding partner, provides some background on the company and market. “As the economy took a major downturn, we looked to see how we can help smaller companies meet their growth objectives. It was clear that the capital markets were drying up, banks had become more risk averse, and companies with great solutions and a bright future were struggling to find sources of capital. Espresso Capital provides that much needed source of financing to technology or research organizations that have a solid track record of preparing and filing SR&ED claims. We believe our SRED fund provides compelling value and is important part of the technology financing continuum.”
The SRED I fund is expected to provide bridge capital to dozens of companies each year. The SRED I fund is available to all companies planning to receive SR&ED claims throughout Canada.
About Espresso Capital Partners
Espresso Capital Partners is the premier privately held specialty finance firm focused on financing SR&ED claims. Founded in 2009, Espresso Capital Partners services all areas of Canada with offices in Vancouver and Toronto with representation in Calgary.
Contact
Greg Smith
778-895-4881
greg@espressocapital.com
Gary Yurkovich
(604) 889-8454
gary@espressocapital.com
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