NEW YORK, March 23, 2009 (GLOBE NEWSWIRE) -- Perf Go Green Holdings, Inc. ("Perf Go Green") (OTCBB:PGOG) (www.perfgogreen.com), a marketer and distributor of biodegradable plastics and everyday green solutions, is pleased to announce that it has obtained a ten million dollar ($10,000,000) secured combined supply and factoring credit facility from Star Funding, Inc. ("Star Funding"), subject to the terms of the credit agreements.
Under this arrangement, Star Funding expects to provide funding required to manufacture, import and distribute Perf Go Green's products on a transactional basis. The financier also plans to oversee and provide guidance on the supply chain delivery process in order to ensure maximum efficiency.
This $10 million facility is uniquely designed to meet PGOG's anticipated growth by being expandable to allow the company to take advantage of what is proving to be a high growth market.
"This agreement is extremely positive as it affords Perf Go Green the ability to grow significantly and execute beyond our business plan" said COO Michael Caridi. "It also underscores the confidence currently being exhibited in our eco-friendly products by established and credible financiers. We are very pleased and excited about our agreement with Star Funding Inc., especially in these turbulent financial markets as it demonstrates Perf Go Green's sustainability."
Perf Go Green anticipates that the agreement will strengthen Perf Go Green's sourcing and distribution capabilities by leveraging the expertise of Star Funding. "It is our pleasure to finance Perf Go Green, a company whose management is dedicated to improving the environment through its Green technology," said Martin Weingarten, CEO of Star Funding. "We are delighted to be part of their success and do our part for the quality of life and future generations."
About Perf Go Green
Perf Go Green, Holdings Inc. (OTCBB:PGOG), www.perfgogreen.com, is a New York-based biodegradable plastics company. The corporate name reflects the "Go Green" mission from inception to create a Green company for the development of ecofriendly, non-toxic, food contact compliant, biodegradable plastic products as a practical and viable solution to eliminating plastic waste from the world environment.
The Perf Go Green logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5503
About STAR Funding
STAR Funding is a privately held company which has been in the Purchase Order, Finance, Letter or Credit and Factoring business since January 1999. The company's typical client base consists of small to medium-sized companies in the Import/Export, Wholesale or Manufacturing business. STAR finances most types of merchandise except for perishables or other products with questionable or extended terms or conditions such as consignment sales. For further information please visit: http://www.starfunding.net/index.html
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.