Coral Capital Solutions Announces $42 Million Factoring Facility Renewal with JNET Communications
Funding to Support Company’s Turnaround Success Story and Continued Growth
New York, NY -- December 1, 2015 - Coral Capital Solutions, a leading provider of financing solutions for the middle market, today announced it has renewed its $42 millionannual factoring Facility with JNET Communications, LLC,a full service, outsourced provider of customer contact management and telecommunication infrastructure fulfillment services to Fortune 1000 companies and a certified minority owned business. The factoring Facility renewal will support the continued and fast growth of JNET Communications’ two subsidiaries, ServiCom, LLC and Vitel Communications, LLC. JNET Communications has been a Coral Capital client since 2011 and has financed nearly $250 million with Coral Capital.
“We are delighted to continue our financing facility withCoral Capital Solutions, a key partner in our continuingturnaround success story,” said David Jefferson, Chairman and Chief Executive Officer of JNET. “For us,this financing meanscontinuing growing our two subsidiaries, approach new projects with robust financial backing, focus on business expansion, acquire new customers, and most importantly, support our people by providing the best training, newest technology andcompetitive compensation.”
“David Jefferson, Gene Caldwell, the entire JNETmanagement team and the company’s dedicated employees have done a tremendous job in turning the company around. We, here at Coral Capital view JNET as a proven success story of how factoring empowersa company in a difficult environment and tough economictimes," said Jim Bertie, Chief Operating Officer of Coral Capital Solutions. "With JNET’s strong customer base, growing pipeline and management’s deep industry expertise, we were able to establishthe original factoring Facility in the midst of the credit crisis andtoday, expand on that relationship, which is a real testament to our strong partnership.”
About Coral Capital Solutions
Coral Capital Solutions provides financing solutions to middle market companies in a wide variety of industries throughout the U.S. and Canada. It is a leading source of factoring, asset based lending, purchase order and trade finance products. Coral Capital is well capitalized, using its own equity to fund clients and therefore has the ability to consummate transactions quickly from commitment to funding.
About JNet Communications, LLC
JNET Communications, LLC is a full service, outsourced provider of customer contact management and telecommunication infrastructure fulfillment services to Fortune 1000 companies. JNET was founded in July 2003 by David Jefferson, a former senior executive of Comcast Corporation and AT&T Corporation, and is headquartered in Warren, New Jersey. JNET is a certified Minority, Women, Disadvantaged, Veteran Business Enterprise. JNET Communications is a holding company that has two wholly owned subsidiaries, ServiCom LLC and Vitel Communications LLC.