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Releases
Interquest Communications
secures $1 Million equipment financing line of credit from
Silicon Valley Bank.
Company will use proceeds to
re-capitalize assets previously acquired from bankrupt Internet
Service Providers and fund future assets acquisitions.
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 with in 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.
Interquest Corporate Contact:
Glenn Meyer
Interquest Communications
(206) 574-5480
gmeyer@Interquest.net
Silicon Valley Bank Contact:
Meghan O'Leary
Director of Public Relations
(408) 654-6364
moleary@svbank.com
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