Building works on a technology and security business hub came close to a halt nine months after it began but will continue thanks to a fresh cash injection, PromoTech Inc. CEO Kailash Pardasani has said.
The company received the first tranche of needed financing on Thursday that will allow the project to continue, he said.
It was at the beginning of August last year that he broke ground for the $25 million facility in Vauxhall, next to the Sheraton Mall in Christ Church.
The four-storey building, his biggest project to date is to host the company’s headquarters and half will be leased to other tech firms.
Addressing the firm’s 20th anniversary ceremony at the Blue Pineapple Restaurant and Lounge to announce an expansion of its services with a number of partners, Pardasani recalled: “We all know what happened in 2018. The country was at junk status and it was a very difficult thing to do, and it is personally and professionally my largest real estate project to date.”
He said progress was not easy, adding that he has seen some “darkness”.
“Last year we started this project for our head office without any formal financing in place. The Government changed and the country was in junk status.
“But I wanted to do it, I believed in it and I just continued to fight and fight hard. Now I called my attorney and bank manager up to 12:36 p.m. today and we still did not have the green light,” Pardasani said.
“So dealing with that has been a rollercoaster, there are tough times so everyone wants all their check boxes done. So I am happy to say that I got a call from my bank account manager that our first major draw down was approved at 2:45 pm today.”
As the audience applauded the announcement, Pardasani thanked his bankers for “believing” in him, declairing: “if that didn’t happen the project could have come to a complete halt next week, something that started a year ago and had two years of planning.
“I know it is a bold move but we would have had it any other way. We work hard and play hard and believe in what we do.”
During the function, Pardasani announced the expansion of services with about a dozen new partners.
The company now has over 30 partners, whose solutions PromoTech offer to the local and regional market, inclduing security products and solutions for homes, “right up to skyscrapers” , he said.
As he outlined the. products, which range from CCTV, access control, alarm systems and fire detection, Pardasani said the demand for security systems and services continued to be strong. He said the expansion within his company meant “world renowned technology” was being brought to the fingertips of residents and businesses.
He added: “Unfortunately, there is a big demand because of the incidents that are happening but we have smart and intelligent security…. We just want people to feel comfortable in their businesses and their homes, not only in Barbados but regionally. So we fly the Caribbean and bring our expertise and partnerships to the consumer.”
He said the success of the company was due to its partners, 100 employees and loyal customers.
He said his company, like others, had been negatively affected by the ongoing economic crisis but praised the determination of staff to keep it going.
“Every day it is a struggle. It is a fight, but we come together, and we do it bold and we believe in ourselves and we know we will succeed, and that is how we grow every day up to today for these 20 years,” he said.