For Immediate Release – September 6, 2022
Amy McDougall - 831.595.8556
Portland, OR and Huntington Beach, CA, September 6, 2022 The Provenance Chain™ Network (PCN), developer of the Commercial Trust™ Protocol, today announced a partnership with Leonid, a financial services platform supporting U.S. Federal Government contractors. Through the partnership, Leonid will provide PCN with a $5M revolving line of credit used to help fuel the company’s operational and growth objectives.
Leonid is providing non-dilutive financing of $5M in available capital for contract capture and expansion purposes. The facility is backed by PCN’s Federal Contract Awards. LEONID is recognized by the U.S. Department of Defense as a Trusted Capital Provider of non-dilutive finance to companies in the U.S. National Security and Space Industries.
“As a Department of Defense Trusted Capital Provider, we specialize in allocating unique financial services, and given PCN’s incredible growth and inroads into the U.S. Federal Government—we are well-aligned,”
said Chris Lay, CEO of Leonid.
“PCN wants to expand and can now easily do so by leveraging our credit facility while avoiding taking any further equity dilution of its shareholder base.”
PCN’s partnership with Leonid also allows the company to prepare for known costs and not react in a way that would limit financial flexibility while allowing them to leverage contract assets to expand operations.
“Our relationship with Leonid will help us expand operations within a highly critical and dynamic supply chain environment,” said Jeff Gaus PCN CEO. “This capital facility ultimately helps us bring this mission-critical, data security to market more quickly, making our customers’ operations – and this Nation – more secure.”
About Leonid
Leonid Finance (previously Endeavour), established in 2019, is a financial services company and a proud member of the Department of Defense Trusted Capital Marketplace. The DoD Trusted Capital Marketplace helps by allowing trusted sources of private capital to connect with innovative domestic companies that have been previously down-selected by their DoD partners and operate in emerging technology sectors critical to the U.S defense industrial base.
About The Provenance Chain™ Network
The Provenance Chain™ Network (PCN) is defining and ushering in a new era of consumer and commercial transparency to satisfy people’s fundamental right to know the facts about what they buy, consume, and use. The platform is quickly becoming the system of evidence supporting company claims and revealing product lifecycle stories. Transparency as a Service (TaaS) platforms provide businesses and consumers with a more trusted way to make the best decisions about the supply chains that serve them. For more information, visit www.theprovenancechain.com
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