M-Bots Advance

Ann Arbor SPARK and Hennessey Capital Help M-Bots Advance from Prototype to Production
April 9, 2007

Ann Arbor SPARK, the driving force in establishing the Ann Arbor region as a destination for business location, expansion, and retention, and Hennessey Capital, an asset-based lender and investor in local start-up companies, are providing business acceleration support and financing to Ann Arbor-based M-Bots. M-Bots designs and manufactures ultra-portable robots for law enforcement, security and military applications. Support from Ann Arbor SPARK and Hennessey Capital will assist M-Bots in transitioning from prototype to production.

Ann Arbor SPARK’s Business Accelerator is providing marketing and sales expertise to help the company develop and implement its go-to-market strategy. Ann Arbor SPARK is also helping M-Bots recruit key employees as the company grows.

“Ann Arbor SPARK is supporting M-Bots because of the company’s focus on quality and the top-level talent that’s driving the company forward,” said Scott Olson, executive director, Ann Arbor SPARK’s business accelerator. “Innovation-based companies like M-Bots need business acceleration support to shorten the time required to attract capital, identify customers or obtain other vital resources.”

Hennessey Capital has provided a letter of credit and working capital in excess of $250,000 to the start-up robotics manufacturer and distributor. The company plans to use this support to make a significant step towards achieving a major milestone: 50 robots made and sold.

“The move from prototype to production is a large step for many companies, including M-Bots, and most of the time, capital availability is a challenge,” said Mike Semanco, Hennessey Capital president & COO. “Hennessey Capital views M-Bots’ management team and its product offering as a future Michigan success story.”

“With purchase orders in hand, a supplier that could produce components at superior quality levels and a management team deep in engineering talent and entrepreneurial drive, M-Bots is positioned to make a difference in our Michigan-based economy,” Semanco added.

About Ann Arbor SPARK
Representing all communities in Washtenaw County, Ann Arbor SPARK, a non-profit organization, is the driving force in establishing the Ann Arbor region as a destination for business expansion, retention, and location by identifying and meeting the needs of business at every stage, from startups to large organizations. Ann Arbor SPARK collaborates with business, academic, government, and community investor partners including the University of Michigan, Eastern Michigan University, the Herbert and Grace Dow Foundation, Pfizer, Washtenaw County, the City of Ann Arbor, Bank of Ann Arbor and the Michigan Economic Development Corporation. For more information, visit www.AnnArborSPARK.org.

About M-Bots
M-Bots is an emerging Michigan-based company that designs and manufactures ultra-portable, quickly deployable and easily controllable robotic systems. The ability to gain fast, reliable information can help to diffuse situations more quickly, less expensively, and most importantly, more safely by shielding human responders from potentially dangerous environments. M-Bots: No Human in Harm’s Way. For more information, visit www.mbotsinc.com.

About Hennessey Capital
Hennessey Capital (www.hennesseycap.com) provides innovative working capital solutions for growing business-to-business companies that are either pre-bankable but post-revenue, in transition or otherwise do not meet the credit guidelines of traditional bank lending. Products and services include purchase order financing, mezzanine debt, factoring, asset-based lending programs, receivables management, business coaching and strategic planning. Hennessey Capital is part of the Hennessey Group of companies including Hennessey Enterprises, Hennessey Ventures, Hennessey Capital Southeast, Hennessey Capital Leasing, and InStream Financial.