eMagin Corp. has announced that on December 21, 2016, the Company entered into a US$5 million revolving credit working capital facility. The financing will be used for general corporate purposes including funding the inventory build for the Company’s recently launched consumer products, BlazeSpark and BlazeTorch.
The facility has a term of three years and will provide borrowing capacity based on the Company's eligible inventory and receivables.
Andrew Sculley, President and CEO of eMagin Corp, said, "We are very pleased to enter into this financing transaction to fund the growth of our consumer products business and provide flexibility as we expand our presence in commercial and consumer markets. As a result of this transaction, we were able to strengthen our balance sheet at an attractive cost of capital."