CCC GlobalCom Corporation Announces a Commitment for a $10 Million Facility With RFC Capital Corporation.Business Editors/High-Tech Writers HOUSTON--(BUSINESS WIRE)--March 22, 2001 CCC CCC A very speculative grade assigned to a debt obligation by a rating agency. Such a rating indicates default or considerable doubt that interest will be paid or principal repaid. Also called Caa. GlobalCom Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CCGC CCGC Canadian Coast Guard College CCGC Canadian Coast Guard Cutter ) announced today that the Corporation has entered into a commitment for a $10,000,000 revolving enterprise loan facility with RFC (Request For Comments) A document that describes the specifications for a recommended technology. Although the word "request" is in the title, if the specification is ratified, it becomes a standards document. Capital Corporation. According to Mr. Z.A. Hakim, chairman and 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. of CCC GlobalCom Corporation, "A wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of CCC GlobalCom has entered into an agreement to have RFC Capital Corporation provide a revolving enterprise loan facility with a maximum loan amount of $10,000,000. The term will be for a forty-eight month period. This achievement is a significant stride in building a long-term financial partnership arrangement with RFC. It demonstrates the financial community's confidence in the overall business strategy of the Corporation and in the Corporation's management team and their respective abilities." The proceeds will be used to refinance certain assets to be acquired in a related transaction and for general working capital. The facility may also be used for potential asset financing Asset Financing Using balance sheet assets (such as accounts receivable, short-term investments or inventory) to obtain a loan or borrow money - the borrower provides a security interest in the assets to the lender. in future contemplated acquisitions. RFC Capital President Richard C. Rudek said, "RFC specializes in the unique financing needs of high-growth companies, which aptly describes CCC GlobalCom. We're pleased to deploy capital toward this venture and to assist the CCC GlobalCom management team with their long-range growth plans." CCC GlobalCom Corporation is a telecommunications company headquartered in Houston. The Corporation is an integrated communications provider offering a full range of communications services to commercial and residential customers, while providing for a single point of contact through bundled billing services. The Corporation provides its services as a Competitive Local Exchange Carrier (CLEC (Competitive Local Exchange Carrier) An organization offering local telephone service that is not one of the traditional telephone companies. The Telecommunications Act of 1996 allowed competition to the incumbent telcos (ILECs), enabling new companies (CLECs) ). The Corporation provides local, long distance, high speed data, Internet, paging, cellular and other enhanced communications services in the southwest region of the United States and plans to offer similar services to more than thirty (30) U.S. markets over the next 12 months. In addition, the Corporation is finalizing certain agreements for additional telecommunications services in Latin America and in Asia providing an integrated global telecommunications network. Please refer to our Web site at www.CCCGlobalCom.com for more information on CCC GlobalCom RFC Capital Corporation (www.rfccapital.com) is a specialized commercial finance company serving the needs of high-growth companies in technology-driven industries. With a foundation of serving the telecom and Internet marketplace, RFC's focus also includes other deregulating de·reg·u·late tr.v. de·reg·u·lat·ed, de·reg·u·lat·ing, de·reg·u·lates To free from regulation, especially to remove government regulations from: deregulate the airline industry. and converging industries such as energy. Based in Columbus, Ohio, the company is an established source of working capital and mezzanine funding serving a global marketplace. RFC is a division of Textron Financial Corporation. Textron Financial is a diversified commercial finance company with $7.6 billion in managed receivables and twenty-two years of record earnings. Its market-aligned businesses provide lending and leasing to small and middle market companies, as well as financial services that include asset management, syndications, portfolio servicing and insurance brokerage. Textron Financial also provides specialty finance for the golf and timeshare industries. Additional information about the company is available at www.tfc.textron.com. Textron Financial is a subsidiary of Textron Inc. (NYSE NYSE See: New York Stock Exchange :TXT TXT Text TXT Text File (filename extension) TXT Textile TXT Teletext TXT Tecnologia per a Tothom TXT Textron Corporation (stock symbol) ), an $11.6 billion, global, multi-industry company with market-leading businesses in aircraft, automotive, industrial and finance. Textron has a workforce of over 68,000 employees and major manufacturing facilities in 30 countries. Textron is among Fortune magazine's "Global Most Admired Companies." Statements in this release, which express a belief, expectation, or intention, as well as those, which are not historical fact, are forward looking. They involve a number of risks and uncertainties, which may cause actual results to differ materially from such forward-looking statements. These risks and uncertainties include factors detailed from time to time in the Company's filings with the Securities and Exchange Commission. |
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