IN THE NEWS
TeleContinuity, Inc. Receives $60,000 Investment From Montgomery County, Maryland Government
November 5, 2003 TeleContinuity, Inc. announced today that the Montgomery County government has committed to invest $60,000 in the telecom disaster-recovery company. The County's Department of Economic Development will be awarding the company a $30,000 grant and a $30,000 long term loan at a low rate of interest under the County's Technology Growth Program (TGP). "This investment indicates the confidence Montgomery County has in the future of TeleContinuity, Inc. The County believes TeleContinuity will become a key player in telecommunications, disaster-recovery and homeland security markets," said Roy Pinchot, CEO, "and they are willing to invest to assure this new industry is located in their County." Montgomery County Technology Growth Program (TGP)Provides gap financing for emerging technology-based companies with innovative products or services. The TGP is used as a tool to create jobs in high-technology fields, leverage private investment in Montgomery County businesses, nurture technology development entrepreneurship, and facilitate the construction and improvements of technology facilities. Disbursements from the fund typically range between $50,000- $150,000, and qualified technology businesses can choose to receive the funding in one of the following two ways: (1) as a Term Loan - Five-year term loan at a 10% fixed interest rate with a flexible repayment schedule. Depending on the applicant's cash flow schedule, up to three years of moratorium on both the interest and the principal repayments can be negotiated; or (2) as a Grant Convertible To A Loan - A "no-risk" grant that converts to a loan if at any time within five years from the grant disbursement date the applicant generates pre-negotiated annual net revenues or obtains a pre-negotiated level of aggregate equity financing. The grant remains a grant if the applicant fails to meet these predetermined performance measures.
About TeleContinuity
Founded in the wake of September 11, 2001 and the subsequent Anthrax attacks on Congress, TeleContinuity is focused on providing telecommunications assurance services to businesses and government customers worldwide. Positioned as "telecommunications gap insurance," we enable a seamless, low cost, network-level solution that will restore incoming telephone service to users within minutes of a PBX failure, fiber cut, fire, flood, building evacuation, or catastrophic event. TeleContinuity's unique technology will enable users to be reached at their existing telephone extensions -- via any network, any device, and at any location -- as though no service disruption had ever occurred. TeleContinuity's patent-pending and fully outsourced service solution will offer customers the ability to immediately resume business operations telephonically following a communications disruption, thereby minimizing, or even eliminating the economic impact that would have resulted from the interruption. TeleContinuity, Inc. was founded by Roy Pinchot, President and CEO, Raul Vera, Chief Technical Officer, and Michael Rosenberg, Executive Vice President. All have extensive backgrounds in telephony, information technology, marketing and sales.
TeleContinuity, Inc. is a 2003 winner of The National Institute of Standards and Technology-ATP Grant Competition.
Contact for Information:
Roy Pinchot
Chief Executive Officer
Tel: (240) 453-6235
Email: rpinchot@telecontinuity.com