LARGO, Fla. - PowerCold Corporation announced that it has received up to a $25 million financing program from a major commercial mortgage corporation. The finance program provides PowerCold and its customers with a funding source for its HVAC systems. The new financing program is effective immediately and will be used primarily by PowerCold ComfortAir Solutions Inc., a PowerCold company, for its commercial customers including hospitality, healthcare, leisure, and retail installations.

Frank Simola, PowerCold CEO, said, "The hospitality and healthcare industries are major growth markets for our unique energy-saving HVAC systems. This financing program provides very credible, secure financing to support total turnkey installations that now will include larger commercial building projects. We anticipate sales will more than double for our design-build business."

According to the company, the finance program provides a finance lease and credit line facility for the engineering design, equipment, and installation of PowerCold's HVAC systems, including plumbing, fire sprinklers, and related energy-saving systems. Maintenance and parts are included for the entire term of the lease. The estimated energy savings gained with PowerCold's HVAC system are expected to offset most or all of the costs associated with the lease.

Robert Yoho, president of PowerCold ComfortAir Solutions, stated, "The finance lease program is a very cost-effective alternative to paying cash, and offers a number of benefits to PowerCold customers. They can acquire their HVAC assets without the initial cash outlay, and can finance up to 100 percent of the equipment cost. The repayments are tailored to meet their cash flow requirements. With maintenance and parts included in the lease price this type of equipment financing is particularly attractive."

Yoho further commented, "We are negotiating over $7 million in new hotel business in the last 30 days because we now have the capability to finance a total turnkey HVAC installation."

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Publication date: 08/02/2004