New York, NY (PRWEB) August 8, 2007
Platinum Funding Group has signed an agreement for a $12 million accounts receivable factoring facility with Pingho Associates Corporation ("PAC"), an IT consulting and staffing company located in McLean, Virginia. A working capital advance of $4 million was provided by Platinum Funding Group within four days from initial contact with the client, which was a critical factor for PAC in choosing to work with Platinum Funding Group.
"Putting accounts receivable to work as a liquid asset makes a lot of sense for technology and telecommunication companies since often accounts receivable and intellectual property are the main assets those companies have," said Dina Niron, Vice President of Business Development at Platinum Funding Group in New York and the company's new Atlanta operations. "Platinum Funding Group understands the advantages and constraints those industries face and is able to provide results with quick turnaround."
"PAC required financing to support its recent rapid growth," said Jeffrey Singer, Managing Director of Dragonfly Capital Partners, the referring party in this transaction. "We help companies such as PAC, resolve their immediate capital needs, and bringing in Platinum Funding Group's timely financing should allow PAC to continue to successfully grow the company."
PAC provides IT consulting and staffing to a wide variety of customers, many of them Fortune 500 companies, such as Charles Schwab, Freddie Mac, IBM and American Stock Exchange. PAC meets customers' demand for high-caliber technology professionals and works with the customers to provide operational insights and practical improvements to more reliably control their information, processes and systems.
About Platinum Funding Group
Platinum Funding Group, a leading factoring company, provides clients with accounts receivable funding, letters of credit, bridge funding, and accounts receivable management. Established in 1992, the company has been consistently assisting companies with annual sales revenue between $1 million and $150 million. Platinum possesses the financial resources to serve the needs of clients across more than 30 industries, issuing same day advances on accounts receivable to early-stage companies, fast growing firms, and companies in Chapter 11. Platinum Funding Group is headquartered in New York City and has regional offices throughout the U.S. and in Argentina.