Hot Mama's Foods, Inc. announced that it has received $1.25 million in funding from United Bank (Fairfax, VA), Asset Management Arm.
April 28, 2014 at 12:00 am EDT
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Hot Mama's Foods, Inc. (OTCBB:HOTF) announced a private placement of promissory note with United Bank (Fairfax, VA), Asset Management Arm for gross proceeds of $1,245,000 on April 28, 2014. The interest rate on the note is equal to the highest prime rate, as published in the Wall Street Journal, plus 1% per annum, with an option to fix at the seven year Federal Home Loan Bank of Boston rate then in effect plus 2.5%. The interest and principal of the note is payable over ten years in monthly installments on a 120-month amortization schedule.
On April 28, 2014, Hot Mama's Foods, Inc. closed the transaction.
Hot Mama's Foods Inc. is engaged in manufacturing gourmet pepper jellies and sauces with Caribbean flavor. The Companyâs product category includes Pepper Jellies, BBQ Sauces, Hot Sauces, Rubs & Spices, Gifts & More, Mustards & Ketchups, Crazy Mooskies, Squeezies, Ice Screamers, Apparel and Jams. The Companyâs products include Blueberry Ice Screamers, Cafe Mocha Spicy Ice Screamer, Hot Mamas Chili Lime Spice-No Salt, Hot mamas Mini Hot Sauce Gift Set, Pineapple Ice Screamers, Rum & Raisin Ice Screamers and Strawberry Ice Screamers. It also provides Hot Mamas Spicy Cranberry Jelly 265 ml, Hot Mamas Spicy Wild Blueberry Jelly 265 ml, Hot Mamas Spicy Mango Pepper Jelly 265 ml, Hot Mamas Spicy Horseradish Jelly 265 ml, Hot Mamas Spiced Apple Pepper Jelly 265 ml, Hot Mamas Spicy Roasted Garlic Pepper Jelly 265 ml and others. The Jams products include Hot Mamas Haskap Berry Jam, Hot Mamas Wild Blueberry Jam, Hot Mamas Raspberry Jam and Hot Mamas Strawberry Rhubarb Jam.
HOT MAMA'S FOODS, INC. 
