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News and Information Article
Funds to Assist All-Satellite Mobile Asset Tracking Firm Continue
International Expansion; Deal Features Reversible Warrants(R)
RESTON, Va., Sept. 12 // -- Snowbird Capital
(http://www.snowbirdcapital.com), a provider of mezzanine financing, today
announced it has completed a $2.4 million deal with San Luis Obispo,
CA-based Fleet Management Solutions (FMS), a company specializing in
assisting clients better manage mobile assets and inventory through use of
global satellite transmissions and GPS technologies.
The deal includes Snowbirds Reversible Warrants(R) that allow FMS to
reverse out a significant portion of the equity granted to Snowbird in the
financing if it meets expected performance metrics. FMS plans to use the
funds as working capital to expand further into international markets.
Unlike mobile tracking solutions that rely on cellular coverage to
track assets, FMS leverages a global network of satellites for
uninterrupted coverage and communications -- particularly in remote parts
of the world, such as Central and South America, Africa, the Middle East,
Australia and Southeast Asia, where tracking and remote management of fixed
and mobile assets has been particularly difficult. Major clients of FMS
include Halliburton, PGS Onshore, Pioneer Natural Resources, Iraq Ministry
of Oil, PEMEX, Alcoa, DHL, Exelon, Mastec, Holland America, Johnson
Controls, Goodwill Industries and the Department of Defense.
Nelson Carbonell, President and Chairman of Snowbird Capital, said,
"FMS has a strong executive team, a proven business model and a product
that addresses a critical business need for these market segments --
especially in international markets. We firmly believe FMS is on track for
continued success worldwide and are pleased to have been selected to
provide the additional financing that will help meet or exceed its growth
targets."
Cliff Henley, CEO, President and Founder of FMS, said, "In comparing
Snowbird with other capital providers, a few things stood out for us.
Foremost, Snowbird was sensitive to our concerns about equity dilution and,
through its Reversible Warrants(R), worked out a deal that will allow us to
remain a tightly held private company. Secondly, Snowbird was responsive
and worked quickly to structure a deal that was favorable for both parties.
These factors, along with the fact that they are entrepreneurs who
understand corporate finance from the perspective of a growing company,
reinforced the decision to work together."
About Snowbird Capital
Snowbird Capital is a provider of mezzanine financing to companies
seeking loans of $1 million to $5 million for terms of up to seven years to
be used for acquisitions, leveraged buyouts, redemption of inactive owner,
generational transfer, product expansion or extension, geographic growth,
recapitalization, entrepreneur purchase of company, company privatization
and/or growth capital. Snowbird Capitals principals have parlayed their
former entrepreneurial experiences into offering innovative solutions for
borrowers including the Reversible Warrant(R) that allows business owners
to minimize equity dilution. For more information, visit Snowbird Capital
at http://www.snowbirdcapital.com.
About FMS
FMS utilizes the latest and most advanced technologies in GPS,
wireless, satellite and web-based productivity tools, manufacturing,
marketing, deploying and supporting the latest in wireless communication
solutions for the oil and gas, transportation, trailer and container
tracking, heavy equipment, marine/shipping industries, as well as
government and military applications in more than 40 countries. FMS
customizes new technology using a variety of communications and navigation
hardware -- along with innovative, proprietary web-based tracking tools and
data management solutions to easily enable the location, tracking,
reporting and management of fixed and mobile assets. For additional
information visit FMS at http://www.fmsgps.com or phone 1-805-787-0508.
Media Contacts:
Snowbird Capital
Rob Gieser
(703) 801-2394
rgieser@comcast.net
Fleet Management Solutions
Sasha Dressler
Director of Marketing
(805) 787-0508
sashad@fmsgps.com
This release was issued through eReleases(TM). For more information,
visit http://www.ereleases.com.
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