News
Network Communications Technologies, Inc. Closes $3.5 Million in Equity and Mezzanine Capital Financing Led By NewSpring Ventures
PRESS RELEASE
FOR IMMEDIATE RELEASE
CHARLOTTE, NC –January 28, 2004 – NewSpring Ventures, L.P. (“NewSpring”) announced today that it has financed the purchase of Network Communications Technologies, Inc. (“NCT” or the “Company”), a privately held datacom/telecom network infrastructure service provider using $3.5 million in equity and mezzanine capital.
“This financing will enable NCT to pursue its strategic growth plans including geographic and service line expansion previously not pursued by the prior owner of the business. We are currently engaged in discussions with several large customers to provide the same high quality services they have come to expect, but over their entire geographic footprint and not just in the Carolinas. We are very pleased to have NewSpring Ventures as our financial partner,” stated John W. Hart, Chief Executive Officer.
“We believe that Network Communications Technologies, Inc., with its excellent reputation in the market, is well positioned for growth. The Company’s ability to service large customers over multiple locations differentiates NCT in the marketplace and creates opportunities not available to its competitors. Additionally, the new management team is focused on expanding NCT’s service offerings to include Voice over IP (VoIP), wireless access and network integration as part of their plan to broaden the reach of the business.” stated Michael D. Poisel of NewSpring.
About Network Communications Technologies, Inc.
NCT is the leading datacom/telecom network infrastructure service provider in the Carolinas serving Fortune 1000 companies such as Lowes, Wells Fargo, and TIAA-CREF. The Company specializes in commercial data/voice/video network engineering and design, installation, system maintenance programs, professional technical services and network integration. Today’s corporate datacom/telecom networks must support geographically distributed employees, customers, suppliers, and partners and NCT offers its clients the critical mass and scale to provide an enterprise class solution to their network infrastructure needs. The Company is nationally ranked among the top 100 internetworking businesses in the U.S. and is the trusted system infrastructure partner for many of the largest companies in the Carolinas.
About NewSpring Ventures
NewSpring Ventures is a $135 million venture capital fund managed under the NewSpring Capital Family of Funds. NewSpring Capital, based in King of Prussia, PA, is a family of specific purpose private equity funds, with approximately $200mm under management, focused on the Mid-Atlantic region. The Family of Funds includes, NewSpring Ventures, L.P., a venture capital fund providing equity capital to growth and expansion stage companies with a focus on information technology, business services, and healthcare; NewSpring Healthcare, L.P., a venture capital fund focused on intermediate- and late-stage life science and healthcare companies; and NewSpring Mezzanine Capital, L.P., a mezzanine private equity fund focused on late stage and buy-out opportunities in information technology, healthcare, business services and specialty manufacturing.
Contact Information
Network Communications Technologies, Inc.
John W. Hart
704-588-3588
NewSpring Ventures
Michael D. Poisel
610-567-2394
