Wismer Martin Offer Reaches Crucial Goal

Wismer Martin officials say the company’s stock offering has raised enough money to put the company in compliance with the demands of Seafirst Bank.

Company officials reported Wednesday that the company has sold enough stock to raise $1 million in new equity capital, and $1 million to convert debt to equity.

The financially struggling company owes Seafirst more than $500,000, and earlier this year, the bank ordered the company to raise cash to avoid foreclosure on its Spokane office building.

Wismer Martin officials said the company continues to offer shares of common stock at 60 cents per share, and expects to complete the $3.6 million offering “in the near term.”

, DataTimes