iCore Networks Restructures Loan with Chevy Chase Bank

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iCore Networks is pleased to announce that it has renegotiated the terms on its loan with Chevy Chase Bank for 2009.

iCore Networks is pleased to announce that it has renegotiated the terms on its loan with Chevy Chase Bank for 2009. In a time when many small businesses are struggling with securing credit lines from their banking partners, Chevy Chase's renewed commitment to iCore's success, along with the $2 million capital raise it secured in August of 2008, give the company a strong cash position to start to the new year.

Stephen G. Canton, CEO and Chairman of iCore states, "Regardless of the recession, 2009 is going to be a great year for our company. We have restructured both our external and internal processes to better accommodate our quickly growing customer base and are in fantastic shape to continue our rapid expansion as the regional market share leader next year. We are happy to continue developing our relationship with Chevy Chase because they have been a solid partner in the growth of our organization."

In regards to the loan, Michael Briglia, Vice President of Corporate Banking for Chevy Chase Bank stated, "We're excited about expanding our commercial relationship with iCore. We feel this enhanced credit facility will provide iCore with more than adequate liquidity in 2009 during this challenging credit environment. As an important customer of the Commercial Banking Group within Chevy Chase Bank, we believe that this relationship will continue to develop. We're thrilled to be part of iCore's growth and continued success."

As companies actively search for ways to trim costs and find hidden efficiencies in their operations, many small to medium businesses will turn to iCore's fully managed hosted voice over IP platform. By eliminating costly traditional telephony, organizations in the Greater Washington region will eliminate most of their telecommunications costs while upgrading their infrastructure.

About Chevy Chase Bank:
Chevy Chase Bank is the largest bank founded and headquartered in the Greater Washington/Baltimore region. With over $14 billion in assets, 255 branches and more than 1000 ATM's, the bank is able to offer a full spectrum of products and services that rivals its large national competitors. The bank's Commercial Banking Division is staffed with experienced professionals who are committed to meeting the unique needs of middle-market and large businesses.

About iCore Networks:
iCore Networks provides advanced application services focused on businesses communications needs using Voice over Internet Protocol (VoIP) technologies. iCore enables organizations to have access to services and capabilities previously out of reach for most businesses. With hosted VoIP, businesses become more competitive, improve employee productivity, and save on both monthly telecommunications costs and capital costs.

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Jenniffer Green
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