LOUISVILLE, Ky., CINCINNATI and COLUMBUS, Ohio, March 19, 2008 (PRIME NEWSWIRE) -- Beacon Enterprise Solutions Group, Inc. (OTCBB:BEAC) today announced that the Company has closed a $600,000 five year, fixed rate, term loan and has received an offer for an additional $500,000 line of credit from Integra Bank.
"This transaction represents a significant step forward in the integration of our initial acquisitions," commented Bruce Widener, CEO of Beacon Solutions. "We're pleased to have broadened our relationship and look forward to continuing our growth with Integra Bank."
"Legacy, divisional debt and credit facilities are now being replaced with new corporate facilities, which are easier to manage and scale," commented Robert Mohr, Chief Accounting Officer of Beacon Solutions. "Proceeds from the term loan were used to refinance existing debt assumed as part of our recent acquisitions. The new funding allowed us to further consolidate our banking relationships and reduce our cost of capital," concluded Mohr.
About Integra Bank
Integra Bank Corporation, a $3.2 billion bank holding company headquartered in Evansville, Indiana, is the parent of Integra Bank N.A. which currently operates in Indiana, Kentucky, Illinois, and Ohio. Integra Bank N.A. is committed to providing the highest level of customer service to its retail, business banking, and corporate customers through its network of 80 full-service banking centers, 135 ATMs and its online banking services.
About Beacon Enterprise Solutions Group:
Beacon was formed by the consolidation of four independently successful companies in the IT and Telecom service sectors. Today, Beacon is a unified, single-source provider of technology and telecommunications services, from software development and infrastructure design to interconnect voice/data, security and systems integration. Beacon's client roster includes over 4,000 companies, from small and medium-sized business enterprises (SME market) to Fortune 500 firms, along with state and local government agencies and educational institutions. The Company's business strategy currently centers on a three phase development plan (regional in Phase I, super-regional in Phase II and national in Phase III) driven by a combination of organic and acquisition growth. Headquartered in Louisville, Kentucky, Beacon maintains offices in Cincinnati, Ohio; Columbus, Ohio; Mangalore, India and services clients globally. For more information please visit www.askbeacon.com or contact the Company at 502-379-4788 or investors@askbeacon.com.
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