STW Resources Holding Corp. (OTCQB: STWS), an integrated provider of oilfield services and water management, has completed $6 million in new financing to meet its accelerating growth. Black Pearl Energy, an entity controlled by STW Resources CEO Stanley Weiner and COO Lee Maddox and Director Grant Seabolt, has guaranteed a $2 million line of credit to STW; the company has drawn $1 million initially. In addition, Crown Financial has agreed to provide a $4 million accounts receivable factoring facility for the company's construction and pipeline businesses.
"STW's growth has far exceeded our expectations,” Weiner said. “We are pleased to have these new funding facilities, which are critical to support our rapidly expanding business lines. In just the past three months, STW has continued to increase the number of new contracts and/or winning bids with existing customers and has doubled the total master service agreements. Access to this working capital has allowed the company to continue the growth strategy of hiring additional qualified experienced crews and to provide quality service for our customers. Current demand is coming in ahead of our internal forecasts for our Energy, Construction, Pipeline and Remediation divisions. This new financing provides us the flexibility to capitalize on additional opportunities."