NORWALK, Conn.--(BUSINESS WIRE)--May 17, 2004--GE Commercial Finance's Global Media & Communications Technology business has provided a $1.05 million equipment financing line-of-credit to Airvana, Inc.
Based in Chelmsford, Massachusetts, Airvana is a global leader in developing infrastructure equipment for wireless carriers and global infrastructure suppliers. The company's products are designed to dramatically improve the economics of deploying high-speed mobile Internet services.
"The GE team was responsive, flexible, and highly attentive to our needs in structuring this financing," said Randy Battat, Airvana president and chief executive officer. "We appreciated their understanding of our market, our product offerings, and Airvana's demonstrated leadership, which translated into a valued financial commitment."
Global Media & Communications' Technology team is experienced in providing equipment and working capital debt to emerging growth companies, who are backed by venture capitalists and other professional investors. The team's primary sector focuses include communications, information technology, software, hardware, semi-conductors, energy, logistics, and supply chain infrastructure.
"The Airvana financing demonstrates our team's ability to assess and validate highly sophisticated, developing technologies and their providers toward the goal of delivering essential working capital," said Gail Fitzpatrick, senior vice president, Global Media & Communications Technology.
About GE Commercial Finance Global Media & Communications
With over $6 billion in assets and offices in Atlanta, Chicago, Delhi, London, New York, Norwalk, and San Francisco, Global Media & Communications represents a "one-stop" source for the comprehensive range of GE's lending and other structured finance services offered to the media, communications, and technology industries. Key segments include radio and television broadcasting, cable, entertainment, movie theatres, outdoor advertising, publishing, technology, towers, wireless, and wireline. GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $220 billion and is headquartered in Stamford, Connecticut. General Electric (NYSE: GE) is a diversified technology and services company dedicated to creating products that make life better. For more information, visit the company's website at www.ge.com.
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