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| TSB Solutions’ Employee Group Retires Company Purchase Loan | |
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FOR IMMEDIATE RELEASE |
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Toronto, Ont., Sep 5, 2003 – With champagne toasts, the employees of TSB Solutions celebrated the retirement of the company’s loan from its venture capital partner today. |
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TSB Solutions Inc., a privately held telecommunications management company, was incorporated in December 2002, when an employee group purchased the assets of Peregrine System’s Spectif Network Management Division. The Toronto-based Spectif business unit had operated as TSB International Inc. since 1981. It was purchased in 2000 by San Diego-based, Peregrine Systems. In September 2002, Peregrine filed for bankruptcy in California state courts. The TSB employee group received financial assistance with the purchase from a U.S. venture capital company. |
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“This is an outstanding achievement on everyone’s part”, David Kirwan, TSB’s President told the assembled staff. “In the nine months since the purchase we have succeeded in fully discharging a sizeable loan that was originally scheduled for a 60-month payback. You have helped demonstrate that TSB Solutions is a profitable, successful business. Going forward, I’m counting on your enthusiasm and openness to new ideas to help grow this business.” |
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TSB Solutions Inc. manufactures the Solo family of intelligent remote element management (REM) devices used to communicate alarms, traffic, configuration and billing data from network equipment; develops software applications used for data transport, network security, billing and traffic analysis; and operates ‘CALLS’, Canada’s original cost allocation service bureau. |
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TSB’s customers include telecom giants British Telecom and AT&T, as well as more than 60 companies across Canada that use the CALLS management reports for telephone cost allocation and facilities usage analysis. TSB Solutions employs 25 people at its offices in Toronto. |
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For more information about this news release and TSB Solutions’ products and services, please contact: |
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Dave Quinn |
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| Copyright ©2007 TSB Solutions Inc. |