Thermo Credit LLC (Booth 1006), which provides loans, lines of credit, and capital investment programs to telecom companies, has provided Progressive Concepts Inc. (PCI) with up to $10 million in receivables financing. This marks the first time Thermo Credit has funded a company in the cellular MVNO and reseller arena.
We are very excited about our partnership with PCI, said Seth Block, executive vice president of external operations for Thermo Credit. We feel their strong management and 20-plus-years longevity in the cellular industry make them an ideal company to work with in this evolving aspect of our business.
PCI also goes by the name Hawk Electronics. The company resells wireless voice, data and entertainment services and devices to consumers and businesses. PCI earlier this year went through financial restructuring before it was bought by its new parent company, Teletouch Communications Inc.
Thermo Credit originally approached us about financing our paging business, which was recently sold, explained Teletouch CEO T. A. Kip Hyde, Jr. However, we were very pleased that [Thermo Credit] could become the financial partner for our newly acquired, wholly owned subsidiary, PCI. Given their significant experience and expertise in the telecommunications industry, we look forward to a long-term financial relationship with this team.
Thermo Credit LLC www.thermocredit.com