Heartland Inc. Raises $400,000 In Additional Capital
MIDDLEBORO, Ky., Sept. 24 /PRNewswire-FirstCall/ — Heartland, Inc. (OTC Bulletin Board: HTLJ) today announced that the appraisal value of Heartland Steel’s property, building, and equipment was increased to $3.05 million from $ 2.5 million. As a result of the reevaluation conducted by Commerce Bank, Inc. of Tennessee the company now can increase its loan on the property by $400,000 to $2,400,000. The additional capital will be added to Heartland Steel’s overall working capital.
Heartland Steel, the company’s steel warehousing subsidiary, recently reached $1 million in sales before the completion of its state-of-the art facility based in Washington Court House, Ohio, which is expected to open in mid-October.
“The increase in our loan on the Heartland Steel facility is important for a number of reasons,” said Terry Lee, Chairman and CEO of Heartland, Inc. “It provides additional capital for this business. It also validates our strategy to acquire what we believe are undervalued assets. Most importantly, it serves to illustrate that the underlying tangible assets of the firm in property and equipment create a platform that will drive significant value and growth in the future for Heartland Inc.”
About Heartland Inc.
Heartland, Inc. is a diversified company with businesses in steel warehousing and fabrication and petroleum retail and wholesale operations. Mound Technologies is a full service structural and miscellaneous steel fabricator located in Springboro, Ohio. Lee Oil Company services and sells over 40 million gallons of petroleum product annually through a combination of retail and wholesale operations. Heartland Steel, Inc. is a new venture which operates a structural steel service center in Washington Court House, Ohio.
Forward-Looking Statements
Statements contained in this news release, which are not historical facts, are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Amounts herein could vary as a result of market and other factors. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.
SOURCE Heartland, Inc.