Platinum Funding Group Provides Financing for International Apparel Group, Inc.
Platinum Funding Group announces a two-year, $4 million funding agreement with International Apparel Group, Inc. ("IAG") of Miami, Florida, and its New York apparel division, Y Brands Inc., which owns the licenses for the trademarks Type-Y and Y-chrome previously shipped under Y.M.L.A., Inc. IAG is a subsidiary of Total Luxury Group, Inc., a public company trading under the symbol TLEI.
Platinum Funding Group's factoring and purchase order financing agreement with IAG to help the company meet increased cash flow requirements due to significant growth they are experiencing with the new Y-Brands division. With new financing, IAG expects strong sales growth in 2007 and 2008.
"We are very excited to have International Apparel Group, Inc. as a client. We were very impressed with their executive management team and when we saw the properties that they have accumulated under their corporate umbrella, we knew that with the robust working capital funding that Platinum Funding Group can offer IAG will grow faster than it could organically. Our focus is to support our clients' growth to allow them to capture market opportunities. We take clients at an early stage such as $1 million annual sales and support them all the way to $150 million of annual revenue," explained Einat Steklov, President, Platinum Funding Solutions, LLC, a member of Platinum Funding Group.
"Factoring is very common in the apparel industry, and is a virtual necessity due to the production and sales cycles. For us, it will allow our company to precisely plan and manage our cash flow," explained IAG COO Janon Costley. "We also believe that we have found the right Factor and financing partner that is willing to grow with our company. Our new agreement will enable the company to increase sales exponentially without the need to tie up additional capital in order to fulfill all of our current and future production and sales requirements."
About Platinum Funding Group:
Platinum Funding Group, a leading factoring company, provides clients with accounts receivable funding, letters of credit, bridge funding, and accounts receivables management. Established in 1992, the company has been consistently assisting companies with annual sales revenue between $1 million and $150 million. Platinum possesses the financial resources to serve the needs of clients across more than 30 industries. Platinum Funding Group holds a leading position in factoring services, issuing same day advances on accounts receivable to start-ups, fast growing firms, and companies in Chapter 11. Platinum Funding Group is headquartered in New York City and has regional offices throughout the U.S.
About Total Luxury Group, Inc.:
Total Luxury Group, Inc., which currently holds a distributorship agreement for MCM, AG, has been seeking additional opportunities within the consumer products industry for acquisition of companies that have a proven management team, and desirable products or services. In July of 2006, Total Luxury Group, Inc. acquired International Apparel Group, Inc., an apparel holding company that through its subsidiary companies manufactures and sells apparel to major retailers and distributors around the world. In addition, the company has entered into a license agreement with Castle Hill for the marks Y-Chrome and Type Y previously shipped under the YMLA, Inc.
Platinum Funding Group