NEW YORK — AutoPartSource and New World Friction, wholly owned subsidiaries of MomentumUSA, have secured a $3.6 million line of operating financing in conjunction with the April acquisition of certain operating assets of Qualitee International and Novatek Manufacturing.
Momentum USA was created as a holding company for AutoPartSource, Rosigno Industries and New World Friction.
Together with the $1.6 million of initial financing, the companies now have a combined capitalization of more than $5.2 million. AutoPartSource located in Richmond, Va., distributes automotive undercar products to aftermarket customers. New World Friction located in Ontario, Canada, manufactures disc brake pads for AutoPartSource and other manufacturers.
Frank Pagano, president of MomentumUSA, said the availability of strong capitalization will enable the companies to build inventories and to serve customers with excellent order fill. “We are pleased that the investment community supports our new business units. Our first 60 days have been exciting and we are looking forward to a very prosperous year,” he added.
Financing was arranged by The Oxbridge Group in New York, New York.
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