Thermo Credit, LLC Enters into a $10 Million Funding Arrangement with Progressive Concepts, Inc.
06 September 2006 - 10:20PM
Business Wire
Thermo Credit, LLC ("Thermo"), a receivables funding company that
focuses exclusively on opportunities in the telecommunications
industry, announced today that it has entered into an agreement
with Progressive Concepts, Inc. ("PCI") to provide up to
$10,000,000 in receivables financing. The Thermo facility was a key
component of the financial restructuring and subsequent acquisition
of PCI by its new parent company, Teletouch Communications, Inc.
(AMEX:TLL). The PCI facility represents Thermo Credit's initial
funding venture in the cellular MVNO (Mobile Virtual Network
Operator) and communications reseller arena. Seth Block, executive
vice president of external operations for Thermo Credit stated, "We
are very excited about our partnership with PCI. We feel their
strong management and twenty-plus years longevity in the cellular
industry make them an ideal company to work with in this evolving
aspect of our business." Teletouch CEO, T. A. "Kip" Hyde, Jr. said,
"Thermo Credit originally approached us about financing our paging
business, which was recently sold. However, we were very pleased
that Seth and his team at Thermo could become the financial partner
for our newly acquired, wholly-owned subsidiary, PCI (also known as
'Hawk Electronics'). Given their significant experience and
expertise in the telecommunications industry, we look forward to a
long-term financial relationship with this team." About Thermo
Credit, LLC Thermo Credit, LLC, a receivables funding company
specializing in the Telecom Industry serves established, well-run
telecommunications companies that need capital to expand their
business. Thermo Credit works with long distance resellers,
competitive local exchange carriers, internet service providers,
wireless carriers, and various other telecommunications companies.
For more information, please contact Seth Block at 504-620-3101 or
Seth@thermocredit.com or visit www.thermocredit.com. About
Teletouch Communications and Progressive Concepts, Inc. For over
40-years, Teletouch has offered a comprehensive suite of
telecommunications services, including cellular, two-way radio
communications, GPS-telemetry and wireless messaging services
throughout the United States. With the recent addition of PCI,
Teletouch is now a leading U.S. provider of wireless voice, data,
and entertainment products and branded wireless services to
individuals, businesses, and government agencies through its chain
of retail stores (Hawk Electronics), branded sub-agents and direct
sales force in Texas and Arkansas. PCI also operates a significant
wholesale distribution business serving smaller cellular and
automotive retailers, car dealers and cellular service providers
throughout the country. Teletouch's common stock is traded on the
American Stock Exchange under stock symbol: TLL. Additional
information about Teletouch can be found at: www.teletouch.com. All
statements in this news release that are not based on historical
fact are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995 and the provisions
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended
(which Sections were adopted as part of the Private Securities
Litigation Reform Act of 1995). While management has based any
forward-looking statements contained herein on its current
expectations, the information on which such expectations were based
may change. These forward-looking statements rely on a number of
assumptions concerning future events and are subject to a number of
risks, uncertainties, and other factors, many of which are outside
of our control, that could cause actual results to materially
differ from such statements. Such risks, uncertainties, and other
factors include, but are not necessarily limited to, those set
forth under the caption "Additional Factors That May Affect Our
Business" in the Company's most recent Form 10-K and 10-Q filings,
and amendments thereto. In addition, we operate in a highly
competitive and rapidly changing environment, and new risks may
arise. Accordingly, investors should not place any reliance on
forward-looking statements as a prediction of actual results. We
disclaim any intention to, and undertake no obligation to, update
or revise any forward-looking statement.
Proshares Ultrashort Telecommunications (AMEX:TLL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Proshares Ultrashort Telecommunications (AMEX:TLL)
Historical Stock Chart
From Jul 2023 to Jul 2024