CLEARWATER—ISM International announced it has reached an agreement with a private investment group to receive $10 million in cash over the next 24 months.
In a news release, CEO Mario Quenneville says it will use the money to speed up the manufacturing and distribution of its MyGirl products across the U.S. The MyGirl product line features organic, biodegradable nail polish remover pads.
According to the release, the deal will not dilute shareholders' common stock and is expected to boost ISM International's stock price by approximately 30 cents. Its stock (PINK:ISML) recently traded for 3 cents per share. According to its website, ISM International expects to exceed $2.8 million in sales by the end of the year.
Clearwater-based ISM International is the majority owner of small businesses throughout the Gulf Coast, including Flea Market/Mini-Stores and Instigator Film studio. The corporation specializes in developing organic non-toxic products.