 |
Thermo Credit, LLC Enters into a $10 Million Funding Arrangement with Progressive Concepts, Inc.
NEW ORLEANS, La. – August 30, 2006 – 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.
|
