IRVINE, CA--(Marketwired - December 05, 2013) - True Drinks, Inc. (OTCQB: TRUU), a healthy beverage provider with major entertainment and media company licensing agreements for use of their characters on its proprietary, patented bottles, today announced the completion of a $2.0 million term loan from Avidbank.
Dan Kerker, Chief Financial Officer of True Drinks, commented, "The funding of this loan with Avidbank comes as the result of True Drinks being in a much more secure financial position following our equity raise last week. This note enables us to clean up our balance sheet by paying off convertible notes. Avidbank understands our business and will be a valuable partner for us as we continue to grow."
"I am pleased we were able to put this facility in place for True Drinks," stated Avidbank Corporate Finance Executive Vice President, Mike Hansen. "They have assembled a high quality team with deep experience in this field. We look forward to a strong and mutually beneficial relationship."
Avidbank Holdings, Inc. (OTCQB: AVBH) is headquartered in Palo Alto, California. Our goal at Avidbank is to advance our clients' success by offering innovative financial solutions and service. Our experienced people provide a unique and individualized banking experience based on mutual effort, ingenuity and trust, creating long-term banking relationships. Avidbank specializes in the following markets: commercial and industrial, corporate finance, technology and asset-based lending, real estate construction, commercial real estate lending and real estate bridge financing. Please visit www.avidbank.com.