American Telecom Services Secures Open-Ended Financing From CIT Commercial Services
January 18 2007 - 7:00AM
PR Newswire (US)
CITY OF INDUSTRY, Calif., Jan. 18 /PRNewswire-FirstCall/ --
American Telecom Services, Inc. (AMEX:TES), a provider of converged
communications solutions, today announced that it has secured an
asset-based financing facility from CIT Commercial Services, a unit
of CIT Group Inc. and a leading global provider of commercial and
consumer finance solutions. This relationship with CIT strengthens
ATS' ability to expand retail channels and product lines in 2007,
beyond its current base. Management believes this open-ended credit
line will be valuable financial support for the Company. This
facility will be instrumental in supporting the continued
development of American Telecom's feature-rich DECT 6.0 cordless
telecom products, expanding its telecom service offerings, the
Company's growth objectives in the foreseeable future and will
allow the Company to increase the company's ability to capture
additional consumer demand for recurring service revenue as ATS
continues to expand its retail distribution channels. About
American Telecom Services American Telecom Services, a leading
provider of converged communication solutions targeting traditional
and internet phones bundled with telecom service offerings,
currently offers Digital Clear(TM) Internet phone bundles powered
by SunRocket and Lingo, Inc. (Voice-over-Internet-Protocol or
"VoIP") and Pay N' Talk(TM) prepaid residential long distance
communications services powered by IDT Telecom. These services are
bundled with ATS' diverse line of custom-designed DECT 6.0 digital
cordless multi-handset phones. ATS sells its phone/service bundles
through major retailers under the "American Telecom," "ATS," Pay N'
Talk(TM) and Digital Clear(TM) brand names. About CIT Commercial
Services CIT Commercial Services is one of the nation's leading
providers of factoring and financing to consumer products companies
and is a division of CIT Group Inc., a leading consumer finance
company with more that $74 billion in managed assets. CIT
Commercial Services tailors financial solutions that help companies
of all sizes increase sales, improve cash flow, reduce operating
expenses and eliminate customer credit losses. It serves over 2,000
clients (vendors) ranging in size from $5 million to $1 billion in
annual sales that sell to 330,000 customers nationwide. For more
information, visit
http://www.cit.com/main/financial-solutions/trade-finance/ Safe
Harbor Statement Any statements in this press release that are not
historical facts are forward-looking statements within the meaning
of Section 21E of the Securities Exchange Act of 1934, as amended.
In some cases, you can identify those forward-looking statements by
words such as "may," "will," "should," "expects," "plans,"
"anticipates," "believes," "estimates," "predicts," "potential," or
"continue" or the negative of those words and some other comparable
words. These forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from historical results or those the Company anticipates. Factors
that could cause actual results to differ from those contained in
the forward-looking statement include, but are not limited to,
those risks and uncertainties described in the Company's prospectus
dated February 1, 2006 and the other reports and documents the
Company files from time to time with the Securities and Exchange
Commission. Statements included in this press release are based
upon information known to the Company as of the date of this press
release, and the Company assumes no obligation to (and expressly
disclaims any such obligation to) publicly update or alter its
forward-looking statements made in this press release, whether as a
result of new information, future events or otherwise, except as
otherwise required by applicable federal securities laws. Contact:
Bruce Hahn, CEO (310) 871-9904 (404) 261-7466 Investor Contact:
Brett Maas, Principal Hayden Communications (646) 536-7331 Media
Relations: Danielle Ross Comunicano, Inc (858) 314-2958 DATASOURCE:
American Telecom Services, Inc. CONTACT: Bruce Hahn, CEO of
American Telecom Services, Inc., +1-310-871-9904 or
+1-404-261-7466, ; or Investors, Brett Maas, Principal, Hayden
Communications, +1-646-536-7331, , for American Telecom Services,
Inc.; or Media Relations, Danielle Ross of Comunicano, Inc,
+1-858-314-2958, , for American Telecom Services, Inc.
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