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."
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. The Company anticipates reaching cash-flow break-even by year-end and will be cash-flow positive in 2015.
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."
About SunTrust Banks, Inc.
SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of June 30, 2014, SunTrust had total assets of $182.6 billion and total deposits of $133.3 billion. Through its flagship subsidiary, SunTrust Bank, the company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the company provides mortgage banking, insurance, brokerage, investment management, equipment leasing and investment banking services. SunTrust's Internet address is suntrust.com.