Company will use proceeds to re-capitalize assets previously acquired from bankrupt Internet Service Providers and fund future assets acquisitions.Seattle, Washington (August 15, 2002) -
Interquest Communications, a leading provider of Broadband Internet services to the Multi-Family Real Estate industry, today announced that it has secured a $1 million equipment line of credit through Silicon Valley Bank, a leading banking firm serving growth and middle-market companies in the high tech and life sciences industries. The funds will be used to re-capitalize assets previously acquired by Interquest from bankrupt Internet Service Providers and for additional equipment acquisitions. Interquest Broadband services are available to apartment and condominium residents in Washington, Oregon, California, Colorado, Arizona, Utah and Texas.
Interquest has successfully deployed its site-based high-speed Ethernet and DSL services in over 100 Multi-Family communities owned and operated by some of the nation's largest property development and management firms. "This credit facility allows us to continue with our plans to expand into additional locations within our existing markets. We also further extend our relationship with Silicon Valley Bank (SVB), which began with traditional cash management services, and progressed into processing all of our customer transactions. Since we exclusively use credit cards to handle all of our customer payments, SVB simplified our processes while saving us money. They really went the extra mile in understanding our business and proposing solutions that fit with our strategic plan," stated Glenn Meyer, Interquest CEO. "This line of credit allows us to preserve our working capital while continuing to acquire the necessary assets needed to expand our market share."
"Interquest has all of the elements the bank looks for when partnering with venture-backed companies," stated Tim Hardin, Northwest Division Manager of Silicon Valley Bank. "The company has excellent equity partners, a solid management team and a realistic growth plan. We look forward to working with Interquest Communications to help them achieve their financial objectives." About Interquest Communications, Inc.
Interquest is a leading provider of broadband Internet services to the real estate industry including both multi-family and commercial office buildings. The company is headquartered in Seattle, Washington and maintains a regional office in Walnut Creek, California.
More information on Interquest and its services can be found at www.interquest.net, or by contacting Interquest headquarters in Seattle, Washington, at 206-574-5460. About Silicon Valley Bank
Silicon Valley Bank serves emerging growth and middle-market companies in targeted niches, focusing on technology and life sciences, while also addressing other specific industries in which it can provide a higher level of service and better manage credit through specialization and focus. The Bank has 11 offices throughout California and operates regional offices across the country, including in Arizona, Colorado, Florida, Georgia. Illinois, Massachusetts, Minnesota, New York, North Carolina, Oregon, Pennsylvania, Texas, Virginia and Washington. More information on the Bank can be found at www.svb.com
. SVB Contact:
Meghan O'Leary, Director of Public Relations, email@example.com
, 408.654.6364 Interquest Corporate Contact:
Glenn Meyer, Interquest Communications, (206) 574-5480, gmeyer@Interquest.net