STERLING CONSOLIDATED CORP. (OTCMKTS:STCC) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
On December 19, 2018, Sterling Consolidated Corp. (the “Company”) entered into a Loan Agreement (the “Loan”) with Access Capital, Inc. (“Access Capital”). to the Loan Agreement, Access Capital provided the Company with asset based financing of up to $2.5 million based on a formulaic review and analysis of the Company’s accounts receivable and inventory. Additionally, the Company concurrently paid off its loan and line of credit with a New York commercial bank in the amounts of $1,061,131 and $832,297, respectively, which satisfied the balances due to the commercial bank in full.
| Item 7.01 | Regulation FD Disclosure. |
On December 19, 2018, the Company issued a press release announcing the Loan Agreement. A copy of this press release is attached hereto as Exhibit 99.1 and incorporated herein by reference. The information contained in the websites mentioned in the press release is not a part of this current report on Form 8-K. Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. The information set forth under this Item 7.01 shall not be deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed solely to satisfy the requirements of Regulation FD.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
STERLING CONSOLIDATED Corp Exhibit
EX-10.1 2 tv509882_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 LOAN AGREEMENT Access Capital,…
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About STERLING CONSOLIDATED CORP. (OTCMKTS:STCC)
Sterling Consolidated Corp. is a holding company. The Company operates through O-rings and rubber products segment. The Company conducts its operations through four subsidiaries: Sterling Seal & Supply, Inc. (Sterling Seal), ADDR Properties, LLC (ADDR), Q5 Ventures, LLC (Q5), and Integrity Cargo Freight Corporation (Integrity). The Company’s subsidiary, Sterling Seal, engages primarily in the distribution and sale of O-rings, rubber seals, oil seals, molded rubber parts, Teflon parts, Teflon rods, O-ring cord, bonded seals, O-ring kits and stuffing box sealant. The Company’s subsidiary, Integrity, is a freight forwarding business. Integrity is primarily responsible for transporting products the Company orders from its suppliers back to its warehouse in Neptune, New Jersey. ADDR owns real property. As of December 31, 2015, Q5 owned a 5,000 square foot facility in Apopka, Florida, which is used by Sterling Seal for its Florida operations.
