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EXHIBIT 99.1
LATITUDE SOLUTIONS, INC. AND CRESTMARK BANK FINALIZE A $5 MILLION REVOLVING
ASSET-BASED LINE OF CREDIT
BOCA RATON, Fla., Feb. 2, 2012, 2012 (Canada NewsWire via COMTEX) -- Latitude
Solutions, Inc. ("LSI" or the "Company"), trading symbol OTC: LATI.QB, announced
today that the Company and Crestmark Bank have finalized the establishment of a
$5 million revolving asset-based line of credit. This type of working capital
facility will provide LSI with greater flexibility and liquidity to support
growth and take advantage of further opportunities.
Jeffrey Wohler, Latitude Solutions, Inc.'s Chief Executive Officer, stated, "The
credit facility being provided by Crestmark enables LSI to rapidly deploy our
Electro PrecipitationTM, Integrated Water SystemsTM on an accelerated basis by
maximizing the cash flow and recurring revenue created by the deployment of our
technology."
Jim Rothman, Group President of Crestmark Bank, stated, "Our philosophy is to
provide creative financial solutions to rapidly expanding companies such as LSI.
By helping companies that provide unique solutions and products, we can help
them grow, and continue to expand Crestmark's reach."
About Latitude Solutions, Inc.
Latitude Solutions, Inc. provides innovative wastewater remediation solutions to
oil & gas, energy, mining, food processing, agricultural and other industrial
users worldwide utilizing its patented Electro PrecipitationTM, (EPTM)
technology. Based on this EPTM technology, LSI's Integrated Water SystemsTM
(IWSTM) remediation processes have the ability to convert massive amounts of
contaminated water resulting from the operations of energy companies and other
industrial users into reusable water on a highly efficient and cost effective
basis. This provides the Company's clients with a sustainable solution by
substantially reducing the cost and requirements of freshwater harvesting,
regulatory compliance and wastewater disposal. LSI provides its technology
worldwide via a recurrent revenue business model comprised of a monthly
equipment lease payment and a volumetric processing fee. The Company maintains
ownership and operational control of all its processing equipment in order to
ensure the highest level of client satisfaction and quality control. LSI has
offices and/or operations in Boca Raton, Florida; Colorado Springs, Colorado;
New York, New York; Searcy, Arkansas, London, United Kingdom and Amsterdam, the
Netherlands. Information on the Company and its solutions can be viewed on
www.latitudesolutions.net.
About Crestmark Bank.
Crestmark is a nationally recognized provider of working capital solutions for
small to medium-sized businesses. Financing solutions include asset-based
lending, accounts receivable financing, lines of credit and factoring. Crestmark
finances most business-to-business industries, and has extensive experience in
many industries including manufacturing, staffing, government contractors,
apparel and transportation. Headquartered in Troy, Michigan, with regional
offices in Florida, Louisiana and Tennessee; a full service financing office in
New York City, and business development offices located in Alabama, California,
Florida, Georgia, Illinois, Ohio, New Jersey, New York, Missouri, North
Carolina, Tennessee and Texas. www.crestmark.com
This press release may contain certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned
that such forward-looking statements involve risks and uncertainties, including
without limitation, acceptance of the Company's products, increased levels of
competition for the Company, new products and technological changes, the
Company's dependence on third-party suppliers, and other risks detailed from
time to time in the Company's periodic reports filed with the Securities and
Exchange SOURCE Latitude Solutions, Inc. CONTACT:
Jeffrey Wohler, CEO,
Jwohler@latitudesolutions.net
or
Matthew J. Cohen, CFO,
mcohen@latitudesolutions.net,
both at +1-561-417-0644,
or
Virginia Dadey, Director of Financial Relations,
+1-561-353-7511,
vdadey@latitudesolutions.net,
all of Latitude Solutions, Inc.;
or
Jim Rothman, Group President,
Crestmark Bank,
+1-561-227-5872,
jrothman@crestmark.co
