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(McLean, VA) January 2, 2009—iCore Networks is pleased to announce that it has renegotiated the
terms on its loan with Chevy Chase Bank for 2009. In a time when many small businesses are
struggling with securing credit lines from their banking partners, Chevy Chase’s renewed commitment
to iCore’s success, along with the $2 million capital raise it secured in August of 2008, give the
company a strong cash position to start to the new year.
Stephen G. Canton, CEO and Chairman of iCore states, “Regardless of the recession, 2009 is going
to be a great year for our company. We have restructured both our external and internal processes to
better accommodate our quickly growing customer base and are in fantastic shape to continue our
rapid expansion as the regional market share leader next year. We are happy to continue developing
our relationship with Chevy Chase because they have been a solid partner in the growth of our
organization.”
In regards to the loan, Michael Briglia, Vice President of Corporate Banking for Chevy Chase Bank
stated, “We’re excited about expanding our commercial relationship with iCore. We feel this enhanced
credit facility will provide iCore with more than adequate liquidity in 2009 during this challenging credit
environment. As an important customer of the Commercial Banking Group within Chevy Chase Bank,
we believe that this relationship will continue to develop. We’re thrilled to be part of iCore’s growth and
continued success.”
As companies actively search for ways to trim costs and find hidden efficiencies in their operations,
many small to medium businesses will turn to iCore’s fully managed hosted voice over IP platform. By
eliminating costly traditional telephony, organizations in the Greater Washington region will eliminate
most of their telecommunications costs while upgrading their infrastructure.
About Chevy Chase Bank:
Chevy Chase Bank is the largest bank founded and headquartered in the Greater
Washington/Baltimore region. With over $14 billion in assets, 255 branches and more than 1000
ATM’s, the bank is able to offer a full spectrum of products and services that rivals its large national
competitors. The bank’s Commercial Banking Division is staffed with experienced professionals who
are committed to meeting the unique needs of middle-market and large businesses.
About iCore Networks:
iCore is a managed networking and Voice over Private Internet (VoPI) company that offers small and medium-sized business a managed, secure, hosted, end-to-end voice and data system that gives them the same capabilities enjoyed by Fortune 500 companies at a savings over their current voice and data providers. iCore backs those capabilities with the most customer-oriented employees in the industry; unprecedented reliability and disaster recovery tools; and world-class employee support and training. For more information about iCore Networks, please visit www.icore.com.
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