Birch Communications Secures Equipment Financing
Birch secures a multi-million dollar leasing facility to invest in its network
ATLANTA, June 25, 2012 /PRNewswire/ -- Birch Communications, Inc. a leading IP-based telecom and managed services provider to small- and medium-sized businesses announced today that it has secured a multi-million dollar equipment financing facility with CIT Vendor Finance.
"The progress in our financing initiatives underscores the fact that the financial markets continue to be confident in Birch's fundamental stability and growth potential," noted Edward James, Birch's Chief Financial Officer. "Combining this facility with existing resources, we'll expand our network's reach and capacity in a capital-efficient manner."
"We are pleased to partner with CIT on this financing project," said Vincent M. Oddo, Birch's President and Chief Executive Officer. "This funding further enables our efforts to execute our corporate strategy of continuing to build out the Birch IP network, increasing our overall operating margins."
"The relationship between CIT and Birch underscores our commitment to provide innovative financing solutions to leading telecommunications and managed service providers," says Nick Small, Managing Director, Vendor Finance US. "It is another example of how we help middle market companies on their road to success. We look forward to a continued relationship."
About Birch Communications
Headquartered in Atlanta, Ga., Birch Communications provides managed communications and information technology services to a target market of small and medium-sized businesses in select metropolitan areas within 38 states across the United States. Birch services include local and long distance voice, broadband Internet access, T1, PRI, bonded T1, mobile voice and data, e-mail, voicemail, prepaid, and many other communications and information technology services. Birch voice and data services are, in most cases, delivered using Voice over Internet Protocol (VoIP) technology on the company's secure IP-Network rather than over the public Internet.
According to Inc. 500|5000 magazine in its 2011, 2010, 2009 and 2004 rankings, Birch was one of the fastest-growing private companies in the United States. In 2010, Birch was also named the 7th fastest growing private business in Atlanta, and in 2011 as one of the Top 100 Private Companies in Atlanta, by the Atlanta Business Chronicle. Please visit www.birch.com for more information.
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank, BankOnCIT.com, its primary bank subsidiary and an FDIC-issued online bank which offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com
About CIT Vendor Finance
CIT Vendor Finance is a leader in developing business solutions for small businesses and middle market companies for the acquisition of equipment and value-added services. It creates tailored equipment financing and leasing programs for manufacturers, distributors and product resellers across industries that are designed to help them increase sales. Through these programs, it provides equipment financing and value-added services, from invoicing to asset disposition, to meet its customers' needs. cit.com/vendorfinance
SOURCE Birch Communications, Inc.
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