NORFOLK, Va., July 13 /PRNewswire-FirstCall/ -- Eight years after
Waterside Capital Corporation (Nasdaq: WSCC) invested capital in an up-and-
coming telecommunications company in New Jersey, the region's only SBIC
announced that it has sold the remaining 1% warrant to AnswerNet and is
successfully exiting the investment.
Waterside CEO Lin Earley said its relationship with AnswerNet has been
successful and profitable, with both parties winning in the end.
Waterside invested $550,000 in AnswerNet in July 1999. In accordance
with the agreement, Waterside's investment was repaid in full amount, plus
the sale of the 18% common equity warrant held by Waterside resulted in a
very profitable investment.
AnswerNet's shareholders have fared even better. AnswerNet used
Waterside's funding to jump-start an acquisition strategy. Through smart
management, profitable operations and careful acquisitions, AnswerNet grew
into one of the premier 24/7 contact center businesses handling order
entry, telephone answering services, sales, lead qualification and other
customer management functions from multiple contact centers.
Leaders from both companies are available for comment at:
Lin Earley, CEO, Waterside Capital Corporation
(757) 672-2778 or firstname.lastname@example.org
Gary Pudles, President, AnswerNet
(609) 921-7450 or email@example.com
Waterside Capital Corporation (http://www.watersidecapital.com) is a
Small Business Investment Company (SBIC), headquartered in Norfolk,
Virginia with a portfolio of approximately $28.3 million of loans and
investments in 19 companies located primarily in the Mid-Atlantic region.
Waterside Capital's individual investments range from $500,000 to over $3
The AnswerNet Network (http://www.answernet.com) is a premier provider
of 24/7 inbound, outbound and e-bound contact center and fulfillment
solutions. The AnswerNet Network handles order entry, telephone answering
services, sales, lead qualification and other customer management functions
from 55 contact centers, serving over 35,000 clients, and processing more
than 60 million contacts annually.
SOURCE Waterside Capital Corporation