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Article: Balance of Financing for $55 Million Contract Committed to for ARC Wireless Subsidiary by Societe Generale Bank of New York; Winncom Technologies Begins Construction; Company Also Announces Intent to Open Office in China Next Quarter.
- Article from:
- Business Wire
- Article date:
- August 31, 2005
CopyrightCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WHEAT RIDGE, Colo. -- ARC Wireless Solutions, Inc. (OTCBB:ARCS) and its wholly owned subsidiary, Winncom Technologies Corp., today announced that Societe Generale bank, New York, NY, has committed to finance the remaining approximately $11 million necessary for the previously announced turnkey telecommunications project in Kazakhstan. Societe Generale New York, NY, would be the lender for the entire $55 million to JSC Kazakhtelecom, of which the Ex-Im Bank of New York had previously agreed to guarantee up to $48 million. The primary guarantor for repayment of the $55 million would be Kazkommertsbank, Kazakhstan's largest bank.
Winncom competed with several other ...