BancPro Inc. Receives $30 Million Commitment From ALTRES Financial to Fund Growth in New Factoring Business.TEMPE, Ariz.--(BUSINESS WIRE)--March 31, 1999--BancPro Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:BCPO BCPO Board of Certification for Professional Organizers (Dunedin, FL) BCPO Bounded Complete Partial Order ) announced a significant transaction with ALTRES Financial. ALTRES Financial has agreed to fund as much as $2.5 million per month or up to $30 million in a year to approved BancPro clients requiring commercial accounts receivable financing Accounts Receivable Financing A type of asset-financing arrangement in which a company uses its receivables - which is money owed by customers - as collateral in a financing agreement. The company receives an amount that is equal to a reduced value of the receivables pledged. or asset based lending. The Agreement with ALTRES will allow BancPro to accelerate its growth plans for the new E-Finance division through 1999 and into the upcoming decade. E-Finance is a division of BancPro Inc. that specializes in providing much needed mezzanine and bridge financing, and now along with commercial accounts receivable financing and ABL lending, to emerging technology and electronic commerce companies. BancPro addresses the unique financial problems and needs of software, internet, and other technology based companies. BancPro's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Ross Murphy, said, "...we are excited about BancPro prospects for growth with ALTRES Financial's help. The relationship with ALTRES should be a vital tool to help BancPro grow its E-Finance division through the ability to offer a full range of commercial financing and factoring services to our clients." JIM Jim Miss Watson’s runaway slave; Huck’s traveling companion. [Am. Lit.: Huckleberry Finn] See : Escape GUSS GUSS Generic UAS (Unmanned Aerial System) Supervisory Segment , president of ALTRES, stated, "...together BancPro and ALTRES will enjoy synergies that will enable both companies to serve more client's financial needs." ALTRES Financial is a twelve-year old, privately funded company. As a non-depository commercial lender, they specialize in quick, creative financing solutions. ALTRES is an asset-based lender with expertise in ABL lines of credit and factoring accounts receivable. BancPro Inc. is a financial services firm that finances medical services, and seeks and funds unique financing opportunities to secure above average rates of return with intermediate size companies that either are public or are in the process of going public. For more information please call Ross Murphy of BancPro at 888/730-1500. This press release includes statements, which may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. This information may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. |
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