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Cumulative Capital Corporation Finances HughesNet Brand Satellite Family
LOS ANGELES-(Business Wire)-March 28, 2008 - Cumulative Capital Corporation ("Cumulative") announced today that it has issued a Term Sheet to finance the HughesNet brand Satellite Family. In addition to brand awareness the funds will be used increase its market share of the broadband industry.
Satellite Family is currently the second largest source of independent sales for Hughes Network Systems. Cumulative is confident that this round will not only assist Satellite Family in becoming the largest independent dealer for HughesNet but position its brand for the next 5 years growth.
About HughesNet:
HughesNet is a High Speed Satellite Internet product and service for home, office, small business or enterprise applications. The parent company, Hughes Network Systems, originally provided 2 way Satellite Internet services under the brand Direcway. Currently there are about 400,000 HughesNet and Direcway subscribers in the US and over 1,000,000 worldwide. It is estimated that 3.4 million businesses and 10 million homes in the US are underserved by cable and DSL High Speed Internet Providers. Executives at Hughes expect significant growth to the subscriber base over the next few years. The recent launch of the 3rd Spaceway Satellite will support the growth as well as provide more bandwidth for small business and enterprise customers. "Hughes is a stable profitable company that is at the beginning of its HughesNet product growth curve and we expect solid returns over the next few years," said Michael Gleason, Cumulative Capital CEO.
About Satellite Family:
Satellite Family has been a partner with Hughes Network Systems since 2002 and both companies have the same goal of providing the best satellite internet connectivity with the highest level of customer service. In September of 2004, during the Florida Hurricanes Francis and Ivan, Hughes Network relied on Satellite Family to support new subscribers while the Florida offices were evacuated. During the following year, Hughes Network Systems established a redundant customer support center in Southern California at the Satellite Family corporate headquarters.
About Cumulative Capital Corporation
Cumulative Capital Corporation formed in 2003 makes equity and equity-related investments in companies that require expansion capital and in companies pursuing acquisition strategies. Cumulative Capital also seeks investments in leveraged buyouts and restructurings and will consider investment opportunities in a number of different industries, including telecommunications, content delivery networks, technology, software, media, and business services.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of the Company, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
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