Sprintex secures A$3.6 million for expansion of production

Sprintex Limited (ASX: $SIX) has successfully negotiated loan facility agreements with China Automotive Holdings Limited and additional lenders, securing A$3,600,000 in funding. The funds will be utilized to ramp up production due to increased demand from customers, support ongoing increased operations, and meet general working capital requirements.

Sprintex Managing Director's Comments on Funding

Jay Upton, Sprintex Managing Director, stated, 'The agreements with China Automotive Holdings and the additional lenders mark an important step forward for Sprintex as we bolster our financial position for future growth, both in terms of expected significant increase in revenues and expanding our clean energy range, as this exciting new market takes shape. These loan facilities provide us with the flexibility and resources needed to execute our strategic objectives effectively.'

Sprintex Funding and Outlook

Sprintex Limited (ASX: $SIX) has secured A$3.6 million in funding, demonstrating confidence in the company's growth prospects. The funds will be used to boost production, working capital, and support the expected demand for the G-series high speed industrial blower range. The company aims to pay back the funds from profits over the loan periods. The loan facility agreements with China Automotive Holdings Limited and additional lenders provide Sprintex with the flexibility and resources needed to execute its strategic objectives effectively. The increased production capacity will also facilitate bulk purchasing power for all necessary components, leading to increased margins. Sprintex's expansion plans and increased production align with its ambitions for future growth and market expansion in the clean energy sector.