Genius Brands International announced that it has secured a $2 million revolving line of credit with SunTrust Banks.
Genius Brands International currently has no debt; it has roughly $6 million in cash and cash equivalents; and it has a stable rate of expenditure of approximately $300,000 per month.
Andy Heyward, chairman & CEO of Genius Brands International, stated, “We are very happy that SunTrust Banks is backing our expansion with this first revolving line of credit. This provides us with even greater financial flexibility to execute our growth strategy than we had before, and strengthens our financial position even further.”
Heyward added, “We are signing consumer products licensees for our brands continuously; we are licensing broadcasters and digital distribution outlets worldwide. We have growing interest from the biggest retailers in the U.S., and we expect to see material presence at retail of our product lines over the next 24 months, as we execute against Baby Genius, Secret Millionaires Club, Stan Lee Comics, Thomas Edison’s Secret Lab, and the new brands recently acquired to be announced shortly.”
Los Angeles-based Genius Brands International is a publicly traded multimedia content and brand management company.