SIPP secures necessary financing commitment from First Fidelity

Mar 16 2012

SIPP International Industries, Inc., the diversified parent company to several divisions in the food, medical, hotel and broadcasting industries, has secured its necessary financing commitment from First Fidelity, Inc. (deposit broker and small business advisor) for the manufacturing of the SIPP product lines.  First Fidelity, Inc. will be secured by SIPP preferred shares which would collateralize Letters of Credit issued to SIPP product manufacturers.  The amount secured is $2.8 million.

"It isn't a surprise that many start-up manufacturing companies fail due to being under financed. This commitment from First Fidelity ensures we can continue our rapid growth and added shareholder value to SIPP," states Gregg Pearson, Chairman of SIPP.  "We have been entrenched in product development and licensing and now we have assembled an incredible line of products that are fully developed, ready for manufacturing and distribution."