Venture Firm and Individual Investors Provide New Investment Capital To Grow Leading College Media Wire Service
CLIFTON, N.J--(COLLEGIATE PRESSWIRE)--Jun 12, 2001--Collegiate Presswire, the leading electronic distributor of press materials and marketing information to the nation`s college media, announced today it has completed a second round of funding from The Palladin Group and other investors.
The company is embarking on the next phase of its growth plan to further build the leading college media distribution company. Financial details were not disclosed.
Participants in the second round include Palladin Opportunity Fund, managed by The Palladin Group, an investment management firm managing a diverse group of funds, as well as new individual investors and repeat investors from the seed round. As part of the financing, the company also announced that Richard Biebel, of Tanager Capital, representing the interests of the Palladin Group will join the company`s board of directors.
''We are extremely excited about completing this round of funding and the opportunities it will allow as we continue to grow our company,'' said Matthew Farlie, CEO of Collegiate Presswire. ''It shows that funding for a company with a viable business model like ours is still available, even in this tight venture capital market.''
Richard Biebel, President and CEO of Tanager Capital said, ''Collegiate Presswire is an ideal candidate for growth financing. In its first two years in business, it has developed technologies that shape the way companies distribute press materials and marketing information to student media outlets. Through its business, Collegiate Presswire helps marketers and communicators reach college students in a way never before possible.''
The proceeds from this round of funding will be devoted to expanding the company`s staff and infrastructure. The new capital will be used to hire employees into the sales and media relations departments of the company to manage the service`s rapid growth.
The company will also utilize the investment capital to upgrade its corporate technology, including the implementation of advanced data-management and groupware software. The company expects these upgrades will expand its position as a leader in the industry through its unique application of proprietary technologies.
Finally, the growth capital will be used to expand its corporate offices. Currently located on Valley Road in Clifton, 12 miles outside New York City, the company expects to take over additional space in its headquarters building to accommodate new staff and additional resources.
''We are confident Collegiate Presswire has outlined the right growth plan at this stage of its corporate development,'' said William Turner, a banking industry executive and director of several public companies, who invested in this round and the company`s seed round. ''We believe that access to capital, sophisticated technology and a proven product separate Collegiate Presswire from its competitors. As investors, we look forward to being a part of the company`s continued success.''
ABOUT COLLEGIATE PRESSWIRE
Collegiate Presswire is the leading electronic distributor of press materials and marketing information to the nation`s college media. The service distributes press releases, news flashes and media alerts from companies and organizations to a proprietary nationwide network of more than 600 college newspapers and select, leading education trade-publications via e-mail, fax and the Internet on a daily basis. The Collegiate Presswire news-feed is also syndicated daily to many top sites across the Web by ScreamingMedia and iSyndicate, and is distributed in real-time to key news-industry databases and information systems by COMTEX News Network. Founded in 1998, Collegiate Presswire Inc. is based in Clifton, NJ, just outside New York City. The Company can be reached online at http://www.cpwire.com or toll-free at (888) 621-7721.
ABOUT THE PALLADIN GROUP
The Palladin Group is an investment management firm managing over $700 million in assets. The 13-year old firm provides public and private equity and late-stage venture capital for companies primarily in the biotechnology, healthcare, and Internet and technology industries.
* $300 million of The Palladin Group`s capital is invested through structured equity funds (RegD). Palladin takes a long-term interest in a company`s objectives, providing capital to assist in a company`s growth. Almost 45% of Palladin`s 130 investments are repeat investments with previous issuers.
* $400 million in assets is invested through The Palladin Group`s convertible arbitrage funds.
For additional information or to speak with a member of the Palladin team please contact Vicki Banner or James Forte at KeatingPR at 973-376-9300.
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