PaperTech Completes Refi!
Great news! After many months of hard work, we are VERY excited to announce that Pressed Paperboard Technologies has been recapitalized and has established a new multi-year relationship with Citizen’s Bank, a Michigan bank headquartered in Flint, MI. Needless to say, we are very pleased.
We have experienced strong growth in recent years, and so the new arrangement provides substantially more working capital, as well as additional funds for capital expenditures. We want to thank Brian Banning and Ray Green of Citizens for their support and confidence, as well as our CFO, Susan Ayres, and Plant Manager, Jerry Brasiola, for their hard work in making this happen. Additional thanks to Don Baty and Bradley Scobel, who handled the legal end of things.
This new relationship will help PaperTech become more competitive and more efficient, thereby providing our customers with better quality and value. In order to complete the transition, we will be sending existing customers a new remittance address for our new lockbox. Your cooperation will be much appreciated.
We see this as a new beginning, and we look forward to continuing to grow and serve our customers.