"Leasing Technologies International, Inc. Completes New Credit Agreement"
Wilton, CT, November 4, 2004 - Leasing Technologies International, Inc. ("LTI") today announced the closing of a $ 7,500,000 credit line with National City Bank. The credit facility will be used by LTI to expand its marketing efforts to serve U.S.-based emerging growth companies.
“This new credit facility represents a significant step in our program to strengthen LTI's position in the emerging growth leasing segment,” said F. Jared Sprole, President and CEO. “With market conditions improving significantly over the past two years, this financing allows LTI to continue its controlled growth.”
Headquartered in Wilton, CT, LTI is a privately held equipment financing company. LTI specializes in providing innovative equipment financing to emerging growth and later-stage, venture capital-backed companies located in the U.S.
Founded in 1983, LTI has provided over $300 million in equipment financing to over 500 emerging growth and venture capital-backed companies. Many of LTI's customers are high technology and information services companies specializing in healthcare, software, Internet or other technology markets. Equipment financing includes leasing lines, equipment loans, vendor leasing programs and sale-leaseback transactions. For more information about Leasing Technologies International, Inc , visit the company's Web site at www.ltileasing.com .
National City Corporation (NYSE: NCC), headquartered in Cleveland, Ohio, is one of the nation's largest financial holding companies providing a full range of banking and financial services. The company operates through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri and Pennsylvania, and also serves customers in selected markets nationally. Its core businesses include commercial and retail banking, mortgage financing and servicing, consumer finance and asset management. For more information about National City, visit the company's Web site at www.NationalCity.com .