FOR IMMEDIATE RELEASE

Platinum Funding Group Provides $3 Million in Financing to Automotive Industry Service Provider.

NEW YORK / CHICAGO (July 11, 2007)—Platinum Funding Group announced today the completion of a $3 million factoring facility for K.C.K. Tool & Die Co. (“K.C.K.”), a Michigan-based manufacturer of tools and die products for the automotive, appliance, office furnishings and other heavy equipment industries. K.C.K. is a 30-year old service company with more than $4 million in annual revenues.

K.C.K. was in distress due to the concentration of 85 percent of its receivables with one of its customers. With extended accounts payable and lack of credit terms with its suppliers, K.C.K. was in need of quick acceleration of cash flow that could only be done through invoice discounting.

Platinum Funding Group provided distress financing to K.C.K. secured by credit insurance on the receivables of K.C.K.’s major customer. Platinum also reached an agreement to pay off K.C.K.’s former lender, National City Bank.

“For several months, Platinum Funding Group worked with K.C.K. and its constituencies to overcome the high concentration of receivables and marginal credit associated with the automotive industry,” said Bob Hinson, Vice President of Platinum Funding Group, who heads the company’s operations in Chicago. “Constant communication with K.C.K. and National City Bank, and a strong belief in the viability of K.C.K. among Platinum’s underwriting team were major factors in successfully resolving the issue so that both K.C.K. and National City Bank were satisfied with the end result.”

About Platinum Funding Group
Platinum Funding Group is a leading factoring company that provides clients with accounts receivable funding, letters of credit, bridge funding and accounts receivable management. Established in 1992, Platinum Funding Group has consistently assisted companies with annual sales between $1 million and $150 million. Platinum Funding Group possesses the financial resources to serve the needs of companies across more than 30 industries. Platinum Funding Group issues same-day advances on accounts receivable to early-stage, fast growing firms and companies in Chapter 11. Platinum Funding Group is headquartered in New York City and has regional offices throughout the US.

For more information, visit www.PlatinumFundingGroup.com or contact:

Anna Belkina
Platinum Funding Group
1-212-944-2828
Press@PlatinumFundingGroup.com

Daria Hall
Walek & Associates
1-212-590-0534
Daria@Walek.com

Back to Press Releases | Write a Comment