Contact Information: Contact: Heather Graham Trevelino/Keller Communication Group 404-214-0722 x103
Merchant Cash Advance Leader Secures $140 Million in Borrowing Facilities
Capital Access Network, Inc.'s Credit Facilities Backed by Leading Financial Organizations
| Source: AdvanceMe, Inc.
ATLANTA, GA--(Marketwire - April 9, 2008) - Capital Access Network, Inc. (CAN) today
announced that it has closed new financing arrangements, supporting its
ability to serve the increased demand for working capital from small to
mid-size businesses. CAN secured $140 million in available borrowing
capacity, plus the ability to add an additional $50 million, from several
prominent sources including Brown Brothers Harriman, Wells Fargo Foothill
and Fifth Third Bank.
These facilities provide approximately $100 million in additional funding
capacity compared to the company's previous facilities. This increased
capacity is the result of a new asset-backed commercial paper facility in
addition to a revolving line of credit supporting its Merchant Cash Advance
operations through AdvanceMe, Inc. and leasing through PredictiFund, Inc.,
as well as anticipated product expansion.
An Industry First and Proof of Concept
These new credit facilities, believed to be the largest in the Merchant
Cash Advance industry, will allow AdvanceMe to service significantly more
customers during the next 24 months and beyond.
CAN's Chief Executive Officer, Glenn Goldman, stated: "The fact that we
were able to close such advanced and significant financing arrangements
during today's uncertain economic environment, from some of the biggest
players in the marketplace, underscores the value of our data, our systems
and our technology as well as the market's belief in our business plan and
potential." He continued, "Today's announcement of our new conduit is
especially relevant to small businesses given the current credit market and
speaks volumes to our company's potential within the financial services
industry."
AdvanceMe is currently in a period of substantial growth and today's
announcement of the increased borrowing capacity of CAN and its
subsidiaries will allow the company to meet the funding and leasing needs
of its growing customer bases and provide for future expansion.
Credit Provided by Leading Financial Service Partners
Today's revolving line of credit is being provided by long time financing
providers Wells Fargo Foothill and Brown Brothers Harriman. Wells Fargo
Foothill is a part of Wells Fargo & Company (NYSE : WFC ), a diversified
financial services company with $575 billion in assets and 160,000 team
members worldwide. Brown Brothers Harriman is the oldest and largest
partnership bank in America. Participating in the commercial paper conduit
with Wells Fargo Foothill is Fifth Third Bank, CAN's newest financial
partner. Fifth Third Bank is a diversified financial services company with
over $100 billion in assets, based in Cincinnati, OH.
About Capital Access Network
Capital Access Network, Inc. serves the small business market through its
wholly owned subsidiaries. CAN is engaged in the business of generating
and maintaining high yielding assets by leveraging leading edge data,
systems and technology that is married to a unique, highly effective
collection methodology. Founded in 1998, CAN and its subsidiaries currently
employ 300 people in five main locations in New York, Georgia,
Massachusetts, Minnesota and Costa Rica.
About AdvanceMe, Inc.
AdvanceMe, Inc. in Kennesaw, GA is the nation's premier provider of
Merchant Cash Advances to small and mid-sized businesses. Since 1998,
AdvanceMe has made 50,000 fundings, providing more than 20,000 business
owners in all 50 states with $1 billion in working capital. Owners use
AdvanceMe capital to renovate, purchase new equipment and supplies, fund
advertising, manage unexpected expenses and seasonal downturns and free
themselves from second mortgage liens and personal guarantees associated
with loans. For more information about AdvanceMe's innovative working
capital solution, call toll-free 1-866-838-5097 or visit www.AdvanceMe.com.
About PredictiFund, Inc.
PredictiFund, Inc. combines the power of data analysis with unique
collection methodologies to provide multiple lease alternatives for
transactions often declined by traditional leasing companies. Formed in
2007, it serves small business owners through a broker network. For more
information, call toll-free 866-490-0480 or visit www.PredictiFund.com.