Bridge the Gap When risks are high and cash needs are immediate, a convertible bridge note provides a solution everyone can live with.
By David Worrell •
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Novazone Inc. was not a thriving business when Paul White joined it in late 2003. In fact, the company had cash-flow problems that threatened to quash the launch of its new ozone-sterilization devices. To buy the business and turn it around, White needed substantial capital resources.
He also needed investors who could see past the present situation and buy into his vision of Novazone as a world-class supplier of high-end industrial equipment.
"Novazone had customers like Procter & Gamble, Coca Cola, Colgate-Palmolive and Neutrogena," says White, 43, now president and CEO. "But the company was perpetually running out of money."
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