Auto Service World
News   July 13, 2004   by Auto Service World

AutoPartSource and New World Friction Complete Financing Plan


AutoPartSource and New World Friction, wholly owned subsidiaries of MomentumUSA, have secured a $3.6 million U.S. operating line in conjunction with the April acquisition of certain operating assets of Qualitee International and Novatek Manufacturing.
Together with the $1.6 million U.S. of initial financing, the companies have a combined capitalization of over $5.2 million.
AutoPartSource located in Richmond, Virginia distributes automotive undercar products to aftermarket customers. New World Friction located in Ontario, Canada, manufactures disc brake pads for AutoPartSource and other manufacturers.
Frank Pagano, the president of MomentumUSA, said yesterday, “The availability of strong capitalization enables our companies to build inventories to serve our customers with excellent order fill. We are pleased that the Investment Community supports our new business units.
“Our first 60 days has been exciting and we are looking forward to a very prosperous year.”


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