American Green Technology Inc. (AGT), a leader in the manufacture and import of "magnetic induction lights," has concluded its equity funding by raising an additional $900,000.
This equity round officially closed on May 31, 2012. It will solidify AGT's already strong balance sheet, provide the capital necessary to sustain planned growth for the next several quarters, as well as finalize the acquisition of Detroit-based BDT Light Source LLC.
"Because BDT is 'excellent' operationally, AGT and BDT will be able to integrate their operations quickly, which will give the combined companies the infrastructure to handle the sales growth which we are experiencing in this energy efficient lighting space," said Danny Bogar, CEO of AGT. "AGT is excited about concluding its financing and purchase of BDT, and looks forward to the growth in business afforded by the increase in equity, bank financing, and the acquisition of BDT."
AGT has also concluded its bank financing with 1st Source Bank of South Bend, bringing its total financing available to $1.05 million.
AGT has also completed its purchase agreement with BDT Light Source LLC by executing the final Membership Interest Purchase Agreement with the BDT members.