More news:
sgi.net
Friday February 26, 5:13 pm Eastern Time
Company Press Release
SOURCE: Stargate Industries, LLC
Fleet Bank Deal Positions Stargate Industries for Continued Rapid Growth; Pittsburgh-Based ISP Leader to Broaden Product Line, Expand Service Area
PITTSBURGH, Feb. 26 /PRNewswire/ -- Fast-growing Stargate Industries, LLC, already the largest Internet Service Provider (ISP) in western Pennsylvania and one of the nation's largest regional ISPs, now has the opportunity to grow even bigger, thanks to a multi-million dollar financing deal with Fleet National Bank of Boston.
The $15 million credit facility will enable Stargate to broaden its product offerings, expand its service area, carry out strategic acquisitions and refinance debt incurred during the company's start-up phase.
''We're very pleased to receive this level of support from an institution of Fleet's caliber, and we're especially excited about what this will mean for our customers,'' said Stargate President and CEO Marcus L. Ruscitto. ''We pride ourselves on providing state-of-the-art service to a full range of customers. This deal will allow us to continue to build on our leadership position in this competitive field.''
''The strength of Pittsburgh's technology sector has been one of this region's best kept secrets,'' Ruscitto added. ''This transaction suggests that our story is beginning to get the attention it deserves.''
Stargate, which services both corporate and residential customers, will soon be introducing high-speed ADSL service to the Pittsburgh area. This service -- which stands for ''asymmetric digital subscriber line'' -- turns a conventional phone line into an Internet connection that is 240 times faster than the dial-up modems found in most home computers. The company also plans to deepen its electronic commerce capabilities, providing corporate clients with even more sophisticated Internet business solutions.
''Stargate has already demonstrated its potential for growth over the past few years,'' said Vincent J. Rivers, assistant vice president of Fleet's Media and Communications Group. ''They understand their industry and their customers, and that's a winning combination. We see this as a solid investment in a company that has already |
