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Investment will expand MachineryLink leasing services

Agriculture.com Staff 12/11/2006 @ 10:24am

MachineryLink, Inc. announced the closing of a $17.4 million equity raise to support its investment in future growth. The investment was made by several institutional investors, including October Capital, Adams Street Partners, River Cities Capital Funds, Alpha Capital Partners and a syndicate of private investors.

MachineryLink is a specialty finance and asset management company that provides progressive combine-leasing products to farmers across North America. The Company has experienced 115% annual growth since it commenced operations in 2001. At the core of its value in the marketplace is the compelling alternative of its lease products to the cost of owning increasingly costly harvesting equipment.

"This new capital provides the Company a very strong foundation upon which to quickly and aggressively execute our growth plans, and accelerate our market reach and penetration," says Scott Hazlett, President and CEO. "This investment bolsters our capacity to execute our growth plans and deliver greater value to an ever-increasing population of customers, while positioning us to deliver a superior return to our shareholders."

"We believe the concept of leasing otherwise under-utilized and increasingly costly harvesting equipment is approaching a 'tipping-point,' where the vast majority of the most progressive and forward-thinking growers will seek this alternative to ownership. We are excited about the company's future growth trajectory, and see the enormous value MachineryLink brings to the broad-based agricultural market," says Ron LeMay, Chairman of Kansas City-based October Capital, and an early-stage investor in the company.

MachineryLink, Inc. announced the closing of a $17.4 million equity raise to support its investment in future growth. The investment was made by several institutional investors, including October Capital, Adams Street Partners, River Cities Capital Funds, Alpha Capital Partners and a syndicate of private investors.

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