Espresso Capital Partners announces the closing of a CDN$600,000 financing with Clevest Solutions

VANCOUVER, BC – November 23rd, 2010:
Espresso Capital Partners is pleased to announce the closing of a CDN$ 600,000 financing to Clevest Solutions Inc. (“Clevest”) – a Richmond-based software company that was ranked as the fastest growing technology company in BC by Business in Vancouver in both 2009 and 2010.  This primary use of funds for this Scientific Research and Experimental Development (“SR&ED”) Tax Credit backed, working capital loan was to finance the acquisition of certain assets from Neptune Technology Group Inc. (“Neptune”) announced last week.

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Why Borrow Against Your SR&ED claim?

As former executives, and current directors, of technology focused companies, the partners of Espresso Capital know what it’s like to bob up and down on the rough seas of uneven cash flow. Growing companies require cash and most companies typically think of equity as the source of that cash. What we didn’t realize initially when starting Espresso, was the variety of reasons why companies need short term capital. I wanted to point out the innovative ways some of the companies we have assisted have used their Espresso SR&ED financing over the past year: Continue reading