NEW YORK, NY / ACCESSWIRE / July 24, 2020 / Sparta Commercial Services, Inc. (OTC PINK:SRCO) ("Sparta" or "the Company") announced today that it has obtained inventory financing for the expansion of its new health and wellness division. The initial $500,000 facility will be used to increase the inventory of existing products, and to introduce new products to the Company's subsidiary, New World Health Brands, as the company grows.
As Sparta expands its hemp based CBD product line through its wellness division, its other established products and services continue to grow. Sparta's Municipal Leasing Division provides budget saving leasing options for essential equipment to municipalities nationwide in this challenging environment. As towns, cities, and counties face declining revenues, Sparta's municipal leasing options provide a valuable cost saving tool. In its technology and mobile solutions division, Sparta plans to enhance its line of mobile app and web services products with additional features. The Company anticipates increased interest in its contactless mobile solutions, and already established food ordering systems as more businesses transition and seek to broaden their online and mobile footprints. Sparta's diverse products and services have not been materially impacted by the COVID-19 pandemic or the need for social distancing. In fact, while the pandemic has certainly changed the business landscape, the Company feels that each of its product lines is positioned to thrive in this new environment.
In addition to the inventory financing, Sparta is also pleased to announce it is once again current with its public reporting requirements and is now fully compliant with Securities and Exchange Commission with OTC Markets regulations. The Company believes this renewed status is an important step in its strategy moving forward.
"We are excited by the opportunities ahead," says Sparta's CEO, Anthony Havens. "This credit facility allows us to create a wider distribution of our health and wellness products as well as develop new products that will appeal to a broader market." Havens further explains, "The credit line, plus our renewed status as a fully reporting company has us primed to move forward. We are more energized than ever to capitalize on the current market."
About Sparta Commercial Services Inc.
The latest product offering, via www.newworldhealthcbd.com, offers a full array of hemp-derived CBD products that include oils, topicals, capsules, tablets, pet and livestock tinctures. Sparta Commercial Services, Inc. (www.spartacommercial.com) provides comprehensive vehicle title history reports to dealers, insurance companies, credit unions and consumers. Sparta, via its iMobileApp product (www.imobileapp.com), has also become a leader in developing and servicing custom mobile apps for a wide range of businesses including restaurants, liquor stores, racetracks, and clubs; as well as vehicle dealerships including Harley-Davidson® and John Deere. Other mobile communications products offered by Sparta include website design, development, hosting and SEO services, and a text messaging and alert service. Sparta's Municipal Leasing Division (www.spartamunicipal.com) offers and administers a specialized municipal leasing program for local and state agencies with jurisdictions seeking a better way to finance their growing essential equipment needs such as police motorcycles and cruisers, EMS equipment and busses, and any type of equipment a municipality requires.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are valid only as of today and we disclaim any obligation to update this information. Actual results may differ significantly from management's expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks related to potential future losses, competition, financing and commercial agreements and strategic alliances, seasonality, potential fluctuations in operating results and rate of growth, management of potential growth, system interruption, consumer and industry trends, limited operating history, and government regulation. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved. Further information regarding these and other risks is described from time to time in the Company's filings with the SEC, which are available on its website at: http://www.sec.gov.
Company Contact:
Sandra L. Ahman
Corporate Secretary
Sparta Commercial Services, Inc.
[email protected]
SOURCE: Sparta Commercial Services, Inc.