CIT Arranges Acquisition Financing for ABC Funding, Inc.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- CIT n. 1. A citizen; an inhabitant of a city; a pert townsman; - used contemptuously. Which past endurance sting the tender cit. - Emerson. Group Inc. (NYSE NYSE See: New York Stock Exchange : CIT), a leading global commercial finance company, today announced that it arranged a senior secured credit line for ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. Funding, Inc. (ABC) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : AFDG AFDG Association Française pour le Développement de la Géographie (French) ) to complete its $42 million acquisition of Voyager Gas Corporation, a Texas-based energy company. Financing for the deal was arranged by CIT Energy, a unit of CIT, which served as administrative agent. "Middle market energy companies are actively making deals and demonstrating their expertise at finding and developing proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. in the United States," said Peter Gaw, President of CIT Energy. "We are proud of the financial solution we provided and look forward to continuing a relationship with ABC." Robert P. Munn, Chief Executive Officer of ABC, said, "This acquisition was vital to our continued growth, and makes ABC, which we are renaming to Cross Canyon Energy Corp., a substantial independent oil and gas player in South Texas. Our team from CIT Energy understood our needs and the value this acquisition would provide over the long-term. The counsel and financing we received from CIT Energy played a key role in seeing this deal through to completion." EDITOR'S NOTE: Individuals interested in receiving corporate news releases can register at http://newsalerts.cit.com or subscribe to the RSS feed at http://rss.cit.com. In addition, CIT podcasts are available at www.5minutecapital.com. About ABC Funding, Inc. ABC Funding, Inc. focuses on the acquisition, exploitation, and development of crude oil and natural gas properties. It has ownership interests in oil and natural gas lease blocks in the Orcones Field covering approximately 14,300 net acres located in Duval County, Texas Duval County is a county located in the U.S. state of Texas. In 2000, its population was 13,120. It is named for Burr H. Duval, a soldier in the Texas Revolution who died in the Goliad Massacre. The seat of the county is San Diego6. . The company was founded in 2004 and is headquartered in Houston, Texas. About CIT Energy CIT Energy is a leading provider of value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. financing and advisory products and services to high growth, entrepreneurial companies throughout the energy sector. It covers the full value chain including: Exploration & Production, Oilfield Services, Midstream, Power, Energy Technologies and Metal & Mining. By combining extensive industry experience, structuring expertise and underwriting capacity, CIT Energy provides comprehensive solutions to our clients most critical strategic and funding needs. About CIT CIT (NYSE: CIT) is a global commercial finance company that provides financial products and advisory services to more than one million customers in over 50 countries across 30 industries. A leader in middle market financing, CIT has more than $70 billion in managed assets and provides financial solutions for more than half of the Fortune 1000. A member of the S&P 500 and Fortune 500, it maintains leading positions in asset-based, cash flow and Small Business Administration lending, equipment leasing, vendor financing and factoring. The CIT brand platform, Capital Redefined, articulates its value proposition of providing its customers with the relationship, intellectual and financial capital to yield infinite possibilities. Founded in 1908, CIT is celebrating its Centennial throughout 2008. www.cit.com |
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