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| Press Releases |
FOR IMMEDIATE RELEASE
Carter Morse & Mathias Announces $8.5 Million Equity Raise for WorldBusiness Capital SOUTHPORT, Connecticut, May 7, 2003 -- Carter Morse & Mathias today announced that WorldBusiness Capital, Inc. ("WorldBusiness" or "WBC"), headquartered in Hartford, Connecticut, has raised $8.5 million in private equity. The Compass Group, Brett N. Silvers, Chairman and CEO of WorldBusiness, and a Fortune 500 strategic corporate investor provided the equity capital. Carter Morse & Mathias was WorldBusiness' financial advisor in the transaction. WorldBusiness will be a premier lender to small to middle market companies for the purpose of financing international trade and investments using programs of the Export-Import Bank of the United States ("EXIM"), the Overseas Private Investment Corporation ("OPIC"), and other U.S. Government agencies. The target borrowers will be privately owned businesses based in the U.S. or in emerging markets with a borrowing need of between $100,000 and $10 million per transaction. WBC intends to develop relationships with U.S.-based companies that (1) currently export or plan to export equipment, products or services to customers in emerging markets, and (2) are contemplating direct investments or joint ventures in emerging markets. Companies will benefit from WorldBusiness' knowledge of and access to EXIM, OPIC and other government programs, which are designed to increase the global competitiveness of U.S. companies. The availability, terms and all-in cost of loans through these programs are beneficial to the borrowers and their customers. "The combination of The Compass Group, an international private equity firm and an international Fortune 500 company, provides our Company with sophisticated investors who understand the opportunity and will add significant value to the company's business plan" said Brett Silvers. He added, "We will be targeting middle market companies who want to better access the emerging markets and be more price competitive." The Compass Group is a $250 million private investment firm focused on small and middle-market companies, providing funding growth opportunities, ownership changes and recapitalizations. The Compass Group invests primarily in companies that are based in North America and favors those, which are significant participants in growing segments of the service, distribution and manufacturing sectors of the economy. Carter Morse & Mathias is a regional investment banking firm founded in 1987 and headquartered in Southport, Connecticut. It specializes in merger and acquisition advisory activities, raising private capital from institutional investors, venture development services and business valuations for entrepreneurial companies in New England. For more information, contact Michael Carter, Managing Director, (203) 254-3333, x222
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