Coral Capital Announces Factoring Agreement with Universal Management
New York, August 2011 – Coral Capital Solutions ("Coral Capital") www.coralcapitalsolutions.com, a commercial finance company specializing in receivables and purchase orders financing, announced it has funded a factoring transaction with Universal Management Solutions ("UMS"), a premier IT asset management technology company offering a software suite to discover, track, and manage IT assets and advisory work. UMS expanded its services to large organizations including Microsoft, Dell, Gartner, the City of New York, Blue Cross Blue Shield Association, Williams Sonoma, Sony Entertainment and others.
"UMS needed a financing firm that would understand the world of government and municipalities related receivables, and could provide a flexible form of financing that would accommodate its complex service contracts. We recognized the uniqueness of UMS management team and its potential to generate increasing revenue as more companies from the private and public sector try to identify their technology needs and make their software purchases more efficient. We are pleased to provide funding to support UMS growth plans and to allow them to recruit more employees and consultants," said Jim Bertie, Chief Operating Officer of Coral Capital.
"The Coral Capital team's expertise in making timely financing decisions coupled with a deep understanding of large government agencies and municipalities' payment processes gives us the ability to comfortably bid and execute large and complicated contracts while building out our long term goals. UMS is well positioned to capitalize on the opportunity to provide sophisticated processes and tools for our customers to optimize their IT assets." Said David Burns, Chief Operating Officer of UMS.
ABOUT CORAL CAPITAL SOLUTIONS
Coral Capital Solutions is a commercial finance company based in New York providing working capital to small and mid-sized businesses mainly through financing their Purchase Orders and Accounts Receivable, and providing Asset Based Loans.
ABOUT UMS
Universal Management Solutions is a premier IT optimization tools and services provider working with global to mid-sized businesses and public sector organizations to save them money on their IT spend.
Coral Capital Announces Factoring Agreement with Dr. Sears Family Essentials
New York, December 7, 2010 – Coral Capital Solutions ("Coral Capital") (www.coralcapitalsolutions.com), a commercial finance company specializing in receivables based lending, announced it has funded a factoring transaction with Dr. Sears Family Essentials, Inc. ("Dr. Sears"), www.drsearsfamilyessentials.com, a company that distributes children's health products, nutritional supplements, snacks and drinks through health food stores, grocery stores, mass and club retailers and the internet, under the aegis of the venerated pediatrician, Dr. Bill Sears. Under the terms of the agreement Coral Capital is funding $6.4MM of Dr. Sears' receivables.
"Dr. Sears needed a financing firm that could move quickly and provide a flexible form of financing that would accommodate its growth and seasonality. We recognized the strength of the Dr. Sears' brand and its potential to generate increasing sales as the economy continues to improve and are pleased to provide funding to support its growth plans," said Rishi Kumar, CEO of Coral Capital Solutions. "Coral Capital's unique expertise to render rapid decisions on credit worthiness and capital strength gives us the ability to support companies in the nutrition, supplements, health, and a broad array of other industries. We are well positioned to capitalize on the opportunity to fill the void created by the credit crisis coupled with the departure of large lending institutions from the growth financing sector."
"Coral Capital's support will allow us to significantly scale our business and increase our shipments to large, nationwide retailers without the stress of a liquidity crunch. What I found to be so appealing about Coral Capital was the ease at which the transaction occurred; we were able to get a deal done very quickly. They were there for us providing a financial solution quickly and when we needed it most," said Tom Hicks, CEO of Dr. Sears Family Essentials.
ABOUT CORAL CAPITAL SOLUTIONS
Coral Capital Solutions is a commercial finance company based in New York providing working capital to small and midsized businesses mainly through financing their Purchase Orders and Accounts Receivable, and providing Asset Based Loans.
Coral Capital Announces Factoring Agreement with Millennium Design
New York, February 2011 – Coral Capital Solutions ("Coral Capital") (www.coralcapitalsolutions.com), a commercial finance company specializing in receivables based funding, announced it has funded a $3MM factoring transaction with Millennium Design Co. USA Ltd. ("Millennium" or the "Company"), a Thailand based manufacturer and distributor of gemstones, fine diamond and gemstones gold jewelry.
Millennium was seeking a financing firm that could support its growth in the USA and transact quickly. "We acknowledge the potential that the Company has in selling its jewelry to well established retailers such as Home Shopping Network and we are pleased to support it." Said Jim Bertie, COO, of Coral Capital. With a manufacturing facility in Bangkok and marketing and sales branch in NYC, Millennium employs over 100 people and sells jewelry to customers in the USA and Europe.
Coral Capital's underwriting expertise coupled with automated verification process allows us to render an efficient and superior servicing of the receivables." With strong balance sheet, using its own equity, Coral Capital's positioning itself as an alternative source of working capital to small and midsize businesses that cannot secure traditional bank financing.
"Coral Capital's receivables financing will allow Millennium to increase its sales and to pursue nationwide distribution for our jewelry with large retailers." Said Imtiyaz Shaikh, owner and President of Millennium.
ABOUT CORAL CAPITAL SOLUTIONS
Coral Capital Solutions is a commercial finance company based in New York providing working capital to small and midsized businesses mainly through financing their Purchase Orders and Accounts Receivable, and providing Asset Based Loans.
NLP Announcement Final
New York-November 9, 2010- Coral Capital Solutions ("Coral Capital") (www.coralcapitalsolutions.com), a New York City based commercial finance company providing working capital to small and midsized businesses, today announced that it has named Northern Lights Partners, LLC ("NLP") (www.northernlightspartners.com) and its members, Sam Cirelli and David Kaplowitz, as Special Advisors in establishing an asset based lending platform. Coral Capital's asset based lending platform will serve businesses nationwide that need credit facilities from $1 million to $10 million. Industries targeted include manufacturing, distribution, transportation, telecommunications, energy, media, cable, software, staffing, medical and business services. Typically, these will be companies that, due to leverage, performance issues or other special situations, cannot obtain bank financing.
"Today's credit environment has left many deserving businesses without the debt support they need to participate in and contribute to our economic recovery, "said Cirelli. "Dave and I are excited to work with the creative and entrepreneurial team at Coral Capital to offer financing solutions to companies in this segment of the market."
"We added asset based loans to the existing product offering of Coral Capital as we recognized a need in the market that was not met by lenders burdened by legacy credit issues," said Einat Steklov, President of Coral Capital. "Sam and Dave have the experience and the relationships with professional networks to identify businesses looking for asset based loans where Coral Capital can add value."
Sam Cirelli has over 25 years of experience originating and structuring financings for middle market companies. He held a number of senior executive positions at global financial institutions. His accomplishments in those roles included successfully launching and operating two senior debt finance businesses at The Royal Bank of Scotland and Landsbanki.. He will remain Managing Partner of NLP.
David Kaplowitz began his career 30 years ago with Manufacturers Hanover and its successor The CIT Group, where he served roles in underwriting and business development. He followed that with senior business development roles at other major financial institutions. He will remain Managing Partner of NLP.
Coral Capital Solutions is a commercial finance company providing working capital to small and midsized businesses mainly through financing their Purchase Orders and Accounts Receivable. Coral Capital is well capitalized, using its own equity to fund client commitments quickly using its proprietary software. Coral Capital works with other lenders such as regional banks, PO financiers or inventory and equipment lenders in order to bring the most liquidity into the business of its clients.
Coral Capital is part of a group of affiliated companies financed by Corigin (www.corigin.com), a private holding company specializing in real estate and equity investments. Corigin has two core divisions, Corigin Real Estate Group, a vertically integrated real estate builder, owner and operator, and Corigin Private Equity Group, its investment arm. Corigin's core portfolio includes significant holdings in university student housing in New York City. The company owns property in New York ,New Jersey and Florida
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