OX3 Corporation, has successfully concluded negotiations with Middlesex Savings Bank of Concord, Massachusetts for the funding of $500,000.00 in equipment and working capital to fuel the company's future growth. Negotiations, which have been ongoing since May, were finalized in a meeting with bank officials on July 1. This round of financing will be crucial to the company's ability to withstand pressures from growth in 2004 and beyond. Revenues this year have been posting year-over-year growth of 25%, with quarter-over-quarter growth of 60%. A particularly strong source of income for OX3 Corporation has been coming from the PC assembly and Defense sectors. Recently, OX3 was awarded a contract from a top-tier contract manufacturer to handle all of its tape and reel, carrier tape, and semiconductor handling requirements. OX3 Corporation has a unique capability for processing a very high-mix of low-volume items. As part of these negotiations, OX3 introduced the bank to its value-added approach to tape & reel by demonstrating the interactive tools on its three web sites at Reelpak.com, Reel.Biz and OX3.com.
From their web site: "Middlesex Savings Bank is the largest independent bank in Central Massachusetts, and the 6th largest mutual bank in the country, with assets exceeding $3 billion and 21 branch locations."