Platinum Funding Group Provides $70 Million in Accounts Receivable Funding to Construction Company EEI

Infusion of working capital to strengthen balance sheet, support new ventures.

New York, NY (PRWEB) September 13, 2006 -- Platinum Funding Group announced today that it has entered into a factoring arrangement with EEI, one of the leading general construction and electrical contractors in Illinois, with $100 million in annual revenues. The factoring agreement, initiated with the purchase of $11.2 million of invoices, provides EEI with a fresh injection of working capital, improving its cash flow and allowing the Illinois-based company to bid on larger contracts and pursue new ventures.

As part of its agreement with EEI, Platinum Funding Group also entered into an inter-creditor agreement with a regional bank. Under terms of this tri-party agreement, Platinum Funding Group will provide funding based on EEI’s accounts receivable while the bank will provide asset-based financing secured against the company’s machinery and equipment.

Robert W. Egizii, chairman and CEO of EEI said, “I have been impressed with Eyal Levy’s ability to negotiate this agreement with EEI swiftly and smoothly. I am especially pleased that Platinum was able to accommodate an asset-based lender as a participant in the transaction.”

“This is precisely the kind of rapid and innovative solution that Platinum Funding Group excels at for its clients,” said Eyal Levy, Platinum Funding Group’s founder and CEO, “particularly when collaboration with other funding sources is at stake. We expect to provide more of these kinds of solutions – including multi-party platforms – moving forward.”

Bob Hinson, Platinum Funding Group’s vice president, Chicago, IL, in charge of the transaction noted, “As a funding source, Platinum was able to flex its requirements and accommodate the various needs that a medium-size firm such as EEI has. Working in concert with the regional bank, we look forward to assisting EEI in enhancing its overall performance as it expands its business and seizes new opportunities in the marketplace.”

For more information, visit www.platinumfundinggrp.com or contact:

Einat Steklov            

Platinum Funding Group        

1-888-700-PLATINUM

Brian Hickey

Walek & Associates

212-590-0529

About Platinum Funding Group

Platinum Funding Group is a leading factoring company that provides clients with accounts receivable funding, letters of credit, bridge funding and accounts receivable management. Established in 1992, Platinum Funding Group has been consistently assisting companies with annual sales between $5 million and $100 million.

Platinum Funding Group possesses the financial resources to serve the needs of companies across more than 30 industries. Platinum Funding Group issues same-day advances on accounts receivable to early-stage, fast growing firms and companies in Chapter 11. Platinum Funding Group is headquartered in New York City and has a network of regional offices throughout the US.

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