Newtek
Business Services Launches Texas Capco [May
23, 2005]
New
York, May 23, 2005 /PRNewswire-FirstCall via COMTEX/
-- Newtek Business Services, Inc. (NKBS) http://www.newtekbusinessservices.com),
a direct distributor to the small to medium-sized business
market, today announced the formation and establishment
of Wilshire Texas Partners, the fifteenth Capco under
its management. Newtek Business Services has since 1999
raised in excess of $200 million in proceeds from certified
capital company offerings in the states of New York,
Florida, Wisconsin, Louisiana, Colorado, Alabama and
the District of Columbia.
Barry Sloane, Chairman and CEO of Newtek
Business Services said, "We are pleased to have
raised the maximum amount of irrevocable funding commitments
from certified investors under Texas law and have submitted
them to the State of Texas's Special Program Administrator.
We anticipate receiving our allocation from the state
within 2 - 4 weeks. We look forward to developing and
providing funding to a number of Texas-based businesses.
As always, we are proud of our accomplishments in this
business arena and are thrilled at our continued excellent
performance."
About
Newtek Business Services, Inc.
Newtek
Business Services, Inc. is a direct distributor to the
small to medium-sized business market. According to
the SBA, there are over 23 million small businesses
in the United States which in total represent 99.7%
of all employers, generate 60 - 80% of all new jobs
annually and generate more than 50% of non-farm GDP.
Since 1999, Newtek has helped these business owners
realize their potential by providing them with the essential
tools needed to manage and grow their businesses. Newtek
and its affiliated companies focus on providing their
current 45,000 customers with access to financial, management
and technological resources that enable them to grow
and better compete in today's marketplace. Newtek's
products and services include:
* Newtek Small Business Finance: U.S.
government-guaranteed small business
lending services;
* Newtek Merchant Solutions: electronic merchant payment
processing
solutions;
* Newtek Insurance Agency: commercial and personal insurance;
* CrystalTech Web Hosting: domain registration, hosting
and storage;
* Newtek Financial Information Systems: outsourced digital
bookkeeping;
and
* Newtek Tax Services: tax filing, preparation and advisory
services.
The statements in this release may contain forward-looking
statements relating to such matters as anticipated future
business strategies and financial performance, anticipated
future number of customers, business prospects, legislative
developments and similar matters. The Private Securities
Litigation Reform Act of 1995 provides a safe harbor
for forward- looking statements. In order to comply
with the terms of the safe harbor, Newtek Business Services,
Inc. notes that a variety of factors could cause its
actual results to differ materially from the anticipated
results expressed in the Company's forward looking statements
such as intensified competition and/or operating problems
and their impact on revenues and profit margins or additional
factors as described in Newtek Business Services' 2004
annual report on Form 10-K.
Contacts:
Newtek Business Services
Barry Sloane
Chairman of the Board & CEO
212-356-9500
bsloane@newtekbusinessservices.com
Dave Gentry
Aurelius Consulting Group, Inc.
407-644-4256
dave@aurcg.com
SOURCE Newtek Business Services, Inc.
|
