Thermo Credit LLC on Monday announced it has entered into an agreement with Progressive Concepts Inc. (PCI) to provide up to $10 million in receivables financing. The Thermo facility was a key component of the financial restructuring and subsequent acquisition of PCI by its new parent company Teletouch Communications Inc.
The PCI facility represents Thermo Credits initial funding venture in the cellular MVNO and communications reseller arena.
Thermo Credit originally approached us about financing our paging business, which was recently sold, said T. A. Kip Hyde Jr., CEO of Teletouch. However, we were very pleased that Seth and his team at Thermo could become the financial partner for our newly acquired, wholly owned subsidiary, PCI (also known as Hawk Electronics). Given their significant experience and expertise in the telecommunications industry, we look forward to a long-term financial relationship with this team.