Advantage Capital Development Corp (AVCP)
A business development company, which operates specifically to meet the needs
of small and emerging companies that need capital to grow.
Current Price: 0.18
Will it continue to grow higer? Please view exactly what the company does.
H0t Press Release: Advantage Capital Development Corp
Advantage Capital Development Corp. Portfolio Company Pays Down Senior Secured
Debenture Aug. 17, 2005-- Advantage Capital Development Corp. announced today
that one of its portfolio companies, Global IT Holdings Inc., has reduced
its debt to the company with a recent payment of $250,000 against its senior
secured debenture.
Advantage Capital Development Corp. recently increased its stake in Global IT
Holdings from 15 to 22 1/2 percent. Global recently completed a merger with
High Road International, Inc. In accordance with the transaction the new
public entity is now named Global IT Holdings, Inc. Global IT Holdings, Inc.
now owns eighty-five (85%) percent of all of the fully diluted shares of the
pink sheet company. The company now trades under the symbol.
"We are very pleased with our investment in Global," said Jeffrey Sternberg,
President and CEO Advantage Capital Development Corp. "They've leveraged our
relationship to its fullest extent and utilize our funding to enhance their
growth strategies."
According to Sternberg, Global is pursuing a growth strategy and is currently
at various stages of negotiations with four possible acquisitions in the IT
staffing industry.
"Through its subsidiaries Platinum IT Consulting and Parker Clark Data
Processing, Global IT Holdings is managing its internal growth while actively
seeking out acquisitions that are compatible with its core business," Sternberg
said.
Platinum IT Consulting and its associated company, Parker Clark Data Processing
have served the New York and New Jersey Markets for 25 years and have combined
annual revenues in excess of $5 million.
According to the American Staff Association, U.S. annual sales for temporary
help totaled $63.3 billion in 2004, nearly on par with the industry's sales
peak in 2000 and 12.5% more than 2003. According to the Association, for the
past three decades the industry has grown at a rate of 10 percent a year and
additionally, ninety percent of U.S. companies use temporary staffing services.
About Advantage Capital Development Corp.
Advantage Capital is a business development company, which operates
specifically to meet the needs of small and emerging companies that need
capital to grow. Business development companies, as defined under the
Investment Act of
1940, are specifically designed to encourage the growth of small businesses.
The rules provide certain financing advantages for companies that invest in
small and emerging businesses. As a result, this will include investing in
both public and private entities using certain types of debt and equity
financing not normally available to other public companies.
Conclusion:
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