City Signal Communications Closes $17 Million Equity Round.Business Editors MALVERN, Pa.--(BUSINESS WIRE)--Feb. 28, 2002 City Signal Communications (CSC (Card Security Code) A three- or four-digit number printed on the back of credit cards for security purposes. Called "Card Verification Value" (CVV) by Visa, "Card Validation Code" (CVC) by MasterCard and "Card Identification (CID) by American Express and Discover, ), delivering flexible metropolitan dark fiber networks in key Mid-Atlantic and Mid-West markets of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , today announced that it has closed a $17 million third-round equity investment, led by MC Venture Partners and included additional investment by BB&T Capital Partners. As a result of the equity investment, CSC plans to complete construction of its networks in Philadelphia, PA, Cleveland, OH and Columbus, OH, and further expand its staff and utilize the funds for general corporate use. "We are extremely pleased with the quality of sponsorship we have received from two well established investment houses," stated CSC's President 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. , John Foley John Foley may refer to:
As a result of this round of financing, Gillis Cashman, Associate of MC Venture Partners, has joined James Wade James Wade (born 6 April 1983 in Aldershot, Hampshire) is an English darts player for the Professional Darts Corporation (PDC). He is nicknamed 009, a take on James Bond's 007. , Managing Partner of MC Venture Partners on CSC's Board of Directors. "CSC has become an important supplier in the metro dark fiber space because of its ability to offer an affordable, flexible and dependable dark fiber solution with the ability to grow with demand," said James Wade, Managing General Partner, MC Venture Partners. "While many suppliers have entered this space providing niche solutions to niche problems, CSC has instead focused on pushing the edge of their multi ring networks deep into the central business districts and suburban office parks." "We are excited about our investment in City Signal Communications and look forward to supporting management in their efforts in building high quality dark fiber networks in multiple markets," stated David G. Townsend, Managing Partner, BB&T Capital Partners. About MC Venture Partners M/C M/C Machine (mechanical engineering) M/C Motorcycle M/C Miscarriage M/C Multiple Choice M/C Maitre de Cabine Venture Partners is focused on investing in early-stage communications and related information technology companies. The firm is currently investing M/C Venture Partners V; a $550 million private equity fund raised in August of 2000 from institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. including the nation's largest state and corporate pension funds, prominent university endowments and private trusts, as well as strategic financial institutions. The Principals of M/C Venture Partners have over two decades of experience investing in early stage communications companies Communications Company is a communications unit of the United States Marine Corps. They are part of Combat Logistics Regiment 37 , 3rd Marine Logistics Group (3MLG) and III Marine Expeditionary Force (III MEF). The unit is based out of the Marine Corps Base Camp Smedley D. . During this period, the firm has managed over $1 billion of institutional capital, generating returns in the top quartile Quartile A statistical term describing a division of observations into four defined intervals based upon the values of the data and how they compare to the entire set of observations. Notes: Each quartile contains 25% of the total observations. for venture capital funds Venture Capital Funds An investment fund that manages money from investors seeking private equity stakes in small and medium-size enterprises with strong growth potential. Notes: . More information about MC Venture Partners is available at www.mcventurepartners.com. About BB&T Capital Partners BB&T Capital Partners is the direct equity investment affiliate of BB&T Corp., the 17th largest U.S. bank with over $70 billion in assets. BB&T Capital Partners makes investments in rapidly growing companies to support that growth and works with the management teams of its portfolio investments to build long-term value for its shareholders. More information about BB&T Capital Partners is available at www.bbandt.com. About City Signal Communications City Signal Communications delivers flexible metro dark fiber solutions that help communications providers deliver high capacity broadband applications to the consumer. Located in key Mid-Atlantic and Mid-West markets of the United States, our multi-ring networks allow carriers access to a number of highly desirable, yet underserved, metropolitan areas already experiencing explosive commercial and residential growth. Our strategy is to push the edge of our networks deep into the Tier 2 and Tier 1 suburban landscape. Founded in 1999 and based in Malvern, PA, the company is funded by MC Venture Partners, BB&T Capital Partners and Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. . For more information, visit the company's Web site at www.citysignal.com. www.citysignal.com |
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