Canterbury Consulting Group, Inc. Establishes Commercial Credit Facility With Commerce Bank, N.A.Business Editors/Hi-Tech Writers MEDFORD, N.J.--(BUSINESS WIRE)--May 7, 2001 Canterbury Consulting Group, Inc. (formerly Canterbury Information Technology, Inc). (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CITI CITI Columbia Institute for Tele-Information (Columbia University) CITI Center for Information Technology Integration (University of Michigan) CITI Collaborative IRB Training Initiative ) - announced today that it has entered into a commercial banking relationship with Commerce Bank, N.A., 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 Commerce Bancorp, Inc., a multi-bank holding company, operating primarily in the Philadelphia, New Jersey and Delaware markets. As of 12/31/00 Commerce Bancorp, Inc. had total assets of $8.3 billion; total loans of $3.7 billion and total deposits of $7.4 billion. Kevin J. McAndrew, Executive Vice President of Canterbury, was quoted as saying "We are very pleased to be doing business with Commerce Bank. For some time we have been seeking a commercial bank that could understand our industry and would be responsive to our business plan and the expansion we foresee in the markets we serve and the current and future products and services we can provide." "The initial facility provided by Commerce will fund accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying and inventory growth in order to expand our existing operations and will also include a term loan segment to be used for general working capital and acquisitions. Less than $900,000 of the total facility will be used to pay off Chase Bank, with whom we have terminated our relationship." The Canterbury Companies provide a wide variety of information technology consulting Information technology consulting (IT consulting or business and technology services) is a field that focuses on advising businesses on how best to use information technology to meet their business objectives. services, products, staffing and training to Fortune 1000 companies and government organizations nationwide. -- ATM/Canterbury is a software consulting and development company that specializes in document imaging, tracking and retrieval for records and asset management. -- CALC/Canterbury offers technical and applications computer training, technical services and consulting and portal development services. It is a Microsoft Solutions Provider and a Microsoft Certified Technical Education Center (CTEC CTEC Course and Teacher Evaluation Council (Northwestern University, Office of the Register) CTEC Certified Technical Education Center CTEC Certified Technical Education Center (Microsoft) ), as well as a Lotus Authorized Education Center (LAEC LAEC Lotus Authorized Education Center LAEC Leicester Adult Education College (Leicester, UK) LAEC Los Angeles Electronic Club ). CALC (tool, mathematics) Calc - An extensible, advanced desk calculator and mathematical tool written in Emacs Lisp by Dave Gillespie <daveg@synaptics.com>. Calc runs as part of GNU Emacs. Web University, an online training portal, developed and hosted by CALC/Canterbury, focuses on design and delivery of online training in both Internet and intranet environments. -- DMI/Canterbury Corp. is a management and systems consulting company that provides technical staffing augmentation solutions and consulting services. -- MSI/Canterbury offers executive coaching, sales and management training. -- USC/Canterbury provides enterprise solutions, network development and design and technical consulting, and is a premier value added reseller See VAR. (company) value added reseller - (VAR, or "value added retailer") A company which sells something (e.g. computers) made by another company (an OEM) with extra components added (e.g. specialist software). of hardware and software. In addition to historical facts or statements of current condition, this press release may contain forward-looking statements. The Company's performance and financial results could differ materially from those reflected in the forward-looking statements due to general financial, economic, regulatory and political conditions or additional factors unknown to the Company at this time, as well as more specific risks and uncertainties such as those set forth in documents filed by the Company with the SEC (including, but not limited to, its most recent reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. , Form 10-Q and Form 10-K, copies of which are available upon request or over the Internet at www.sec.gov). Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. Therefore, current or prospective investors are cautioned not to place undue reliance on any such forward-looking statements. Furthermore, the Company has no intent, and disclaims any obligation, to update any such factors or forward-looking statements to reflect future events or developments. Internet address: www.canterburyciti.com |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion