Converge Announces $50 Million Senior Credit Facility With Foothill Capital Corporation.Business/Technology Editors PEABODY, Mass.--(BUSINESS WIRE)--June 3, 2002 Converge, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a leading global electronics exchange, today announced that it has obtained a $50 million senior credit facility with Foothill Capital Corporation, a wholly-owned subsidiary of Wells Fargo & Company (NYSE NYSE See: New York Stock Exchange : WFC WFC Wi-Fi Connection (Nintendo gaming service) WFC Wide-Field Camera WFC World Financial Center (New York) WFC Workforce Center WFC World Federation of Chiropractic WFC World Food Council ). "The availability of this additional capital provides Converge with the resources to support our growth and strategic initiatives", said Frank Cavallaro, Converge's COO. "This facility will further support our working capital needs as we continue to expand." About Converge, LLC Converge is a leading business-to-business global trading exchange for electronic components, computer products and networking equipment. Converge provides a high degree of market liquidity by aggregating supply and demand from thousands of component, original equipment and contract manufacturers, distributors and resellers. The Converge exchange leverages more than 20 years' experience and provides comprehensive services such as production procurement and inventory management, finished goods remarketing, trading, financial settlement, global logistics and quality assurance. Converge's industry-leading founders include: Agilent Technologies (NYSE: A), AMD (Advanced Micro Devices, Inc., Sunnyvale, CA, www.amd.com) A major manufacturer of semiconductor devices including x86-compatible CPUs, embedded processors, flash memories, programmable logic devices and networking chips. (NYSE: AMD), Canon (NYSE: CAJ), Compaq (NYSE: CPQ), Gateway (NYSE: GTW), Hitachi (NYSE: HIT), Hewlett-Packard (NYSE: HWP), Maxtor (NYSE: MXO), NEC (NEC Corporation, Tokyo, www.nec.com, www.necus.com) An electronics conglomerate known in the U.S. for its monitors. In Japan, it had the lion's share of the PC market until the late 1990s (see PC 98). NEC was founded in Tokyo in 1899 as Nippon Electric Company, Ltd. (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 : NIPNY), Samsung Electronics (KSE: 05930.KS), Sanmina-SCI (NYSE: SANM), Solectron (NYSE: SLR (1) (Scalable Linear Recording) A line of magnetic tape drives from Tandberg Data that evolved from the QIC Data Cartridge format. See QIC. (2) (Single Lens Reflex) A camera that uses the same lens for viewing and shooting. ), Sumitomo (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : 8053), Synnex (privately held), Tatung (TAI: 2371.TW) and Western Digital (NYSE: WDC). Converge manages North American operations from its headquarters in Peabody, Massachusetts, its Asia-Pacific business from Singapore and its European operations from Amsterdam. For more information about Converge, call (877) 693-5694 within the United States, +65-6799-8038 within Asia Pacific, +31 (0) 20.582.6161 within Europe, Middle East and Africa, or send an email to: info@converge.com. About Foothill Capital Corporation Foothill Capital Corporation is a leading provider of asset-based financing to middle market companies throughout North America. In addition, Foothill Capital has successfully completed financing agreements with many innovative, "non-traditional" secured lending transactions. Foothill Capital is a wholly-owned subsidiary of Wells Fargo & Company, a $312 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance through more than 5,400 stores, the Internet (http://www.wellsfargo.com) and other distribution channels across North America and elsewhere internationally. For more information, visit Foothill Capital on the Internet at http://www.foothillcapital.com. |
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