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Category:  Press » Finances

 

Phinder Technologies Inc. secures $10 million in accounts receivable financing

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2007-03-29 07:41:11     
Phinder Technologies Inc.

Phinder Technologies Inc. is pleased to announce that it has closed a $10 million factoring line with Thermo Credit, LLC of New Orleans and Rockland Credit Finance, LLC of Maryland.

Thermo Credit, LLC will partner with Rockland Credit Finance, LLC to provide up to $10 million of accounts receivable financing, to Zupintra Communications Inc. (Zupintra), a wholly owned subsidiary of Phinder Technologies Inc. Zupintra will have access to the accounts receivable financing as soon as the credit insurance, as announced in the October press release is in place. This line will fund revenues of up to $20 million per month for Zupintra. Although Thermo Credit, LLC is an accounts receivable company specializing in the telecommunication industry, this is their first foray into the wholesale carrier to carrier marketplace.

"The fact that we had a previous working relationship with Zupintra's management team and Phinder Technologies Inc. CEO, John Alexander van Arem gave us the comfort level we were looking for to roll out this new product" stated Seth Block, Executive Vice-President of Operations of Thermo Credit, LLC.

"We are very pleased with this financing arrangement", stated John Alexander van Arem, CEO of Phinder Technologies Inc. "The terms are favorable and the size of the line positions the company to negotiate preferred terms with our suppliers".

Phinder Technologies' core business runs through its wholly owned subsidiary, Zupintra Communications Inc. Zupintra is a facilities based wholesaler of international voice traffic within the carrier to carrier network. As a wholesale VoIP provider, Zupintra Communications Inc. signs both origination and termination contracts with next generation carriers and profits from negotiated rates.

FRANKFURT - WKN #: A0DQU5

In compliance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, PHDT notes that statements contained in this announcement that are not historical facts may be forward - looking statements that are subject to a variety of risks and uncertainties. Accordingly, PHDT wishes to caution readers of this announcement that its future actual results may differ materially from those that any forward - looking statements may imply. There is no assurance the above - described events will be completed. There can be no assurance of the ability of the company to achieve sales goals, obtain contracts or financing, consummate acquisitions or achieve profitability in the future. The above and additional factors are discussed in detail in the company's filings with the U.S. Securities and Exchange Commission. These may be viewed at http://www.sec.gov and many other Web sites without charge.

URL: http://www.sec.gov
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