FOR IMMEDIATE RELEASE:
Intertrade Capital closes $5 million funding initiative with Dominican Republic Development
Puerto Plata, April 8, 2002. Dominican Republic Development Corporation (DRDC) and Intertrade Capital Group announced today the formation of a strategic alliance that brings together Intertrade's team of international marketing and development specialists with a US based company that specializes in low cost housing projects utilizing manufactured home systems that enable the company to produce thousands of homes for private or government sectors practically anywhere in the world, while employing local sub-contractors to assemble the homes.
Under the agreement signed last week, Intertrade has committed to purchase $30 million in housing construction for its clients, which agreement provides DRDC with an upfront payment of $10 million cash equivalent purchase credit that will be used to reduce the cash requirements in the purchase of building materials and a back-end payment of $20 million cash to fund the manufacturing cost of the homes.
Intertrade Capital Group also brings marketing and international sales expertise, as well as introductions to Intertrade’s corporate clients and governmental contacts to assist DRDC in developing new sales projects. Intertrade has already identified a principal buyer of 5,000 homes per year and is well into negotiating an agreement between the buyer and DRDC.
Bruce Kamm, managing director of Intertrade Capital Group said that " the Intertrade / DRDC partnership is a fantastic strategic alliance. Intertrade’s global business reach and alliance partners will provide DRDC with the ability to tap into Intertrade's sales and marketing resources to reach new clients that will welcome the introduction to DRDC for low cost manufactured housing and local labor initiatives.
Tuckey Devlin, DRD'c Director of Marketing said that "the alternative capital transaction will enable DRDC to expand sales, reduce costs, and increase market share. Reducing cash requirements in purchasing comes at an ideal time in the development stage of several projects in the Dominican Republic".
Dominican Republic Development Corp (DRDC) specializes in offsite manufactured low cost housing systems and fabrication. Fabrication processes include wood framed and concrete structures that meet or exceed all local and international construction standards.
Intertrade Capital Group provides creative financing and innovative marketing programs and expands business opportunities and profit potential for many of America’s leading corporations. Intertrade also provides asset management and fulfillment services, alternative capital, intellectual assets and transactional capabilities to Fortune 1000 companies and governments delivering liquidity and enhanced profitability to domestic and global companies.