PLATINUM FUNDING GROUP EXPANDS TO WEST COAST WITH OPENING OF NEW OFFICE IN LOS ANGELES; APPOINTS RICK COLLINS AS BUSINESS DEVELOPMENT MANAGER
LOS ANGELES/NEW YORK (OCTOBER 10, 2007)—Platinum Funding Group, a leading factoring company, today announced the opening of its Los Angeles, California office. Platinum Funding Group has worked with companies located all across the United States and abroad. This is the firm’s first office on the West Coast. The new post joins Platinum’s network of offices located in Chicago, IL; Boynton Beach, FL; Shrewsbury, NJ; and a recently opened office in Atlanta, GA.
Platinum Funding Group has provided more than $200 million in new financing in 2006. The firm’s rapid growth in recent years and increased flow of business from the West Coast, especially California, demanded the establishment of a physical presence in the area. Some of the targeted industries for this region include IT staffing and consulting, web design and software development firms, among others. Most recently, Platinum Funding Group provided a $3 million accounts receivable finance facility for Aikeaa, Inc., a Beverly Hills, CA-based firm that provides IT staffing, consulting and engineering services. Earlier in 2007, Platinum completed financing for Certus Software, Inc., a CA-based provider of compliance software and services.
“The Los Angeles office opening will be Platinum’s operation, marking our foray into the West Coast,” said Eyal Levy, founder and CEO of Platinum Funding Group. “Our expansion to this region is a strategic growth opportunity for us, and will provide local insight and the ability to network on the ground with existing and potential clients, as well as allow us to develop relationships with the local financial community. Leading our efforts is Rick Collins, whom I welcome to the team and am confident will further our company’s mission and growth. His strong financial background will prove to be a valuable asset to Platinum.”
Rick Collins will head the Los Angeles office as the Business Development Manager. He has more than 30 years of experience in credit risk management and accounts receivable factoring, including areas of asset control and operational restructuring with an adherence to the Sarbanes-Oxley requirements. Mr. Collins has operated his own consulting business for seven years, specializing in credit and AR control, and operational efficiencies. Previously, he worked in various management positions at Heller Financial Inc., CIT Group/Manufacturers Hanover, Republic Factors and Citicorp Industrial Credit, among other prominent financial firms in the Los Angeles area.
“I'm very pleased to join the diverse team at Platinum Funding Group,” said Mr. Collins. “I look forward to building our brand on the West Coast through the development of business opportunities and professional relationships. Platinum’s ability to think ‘outside the box’ to achieve tailored financial solutions for almost any industry and to respond quickly, give the company the competitive edge and a recipe for success.”
The new office is located in the Financial District of downtown Los Angeles.
The address is 333 S. Grand Ave., 25th floor, Los Angeles, CA 90071. Rick Collins can be reached at Rick@PlatinumFundingGroup.com or 213-943-1311.
NOTE TO EDITORS: Platinum Funding Group is a leading factoring company, which specializes in providing cash from the outright purchase of a company's accounts receivable income stream, for small and middle market companies that need to fund internal growth, a recapitalization, acquisitions, working capital or to exit chapter 11.
For more information, visit www.PlatinumFundingGroup.com
or contact:
Anna Belkina
Platinum Funding Group
212-944-2828 ext. 215
Daria Hall
Walek & Associates
212-590-0534
