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NEW YORK, NY and LYNBROOK, NY - July 23, 2001 - Capital Avenue, a company that gives any institution the ability to offer financial products to its business customers through a simple, co-branding arrangement, today announced that it has entered into an alliance with MyReceivables.com, the leading provider of online accounts receivable funding, management and technology services.
Under the agreement, MyReceivables.com will be the exclusive provider of accounts receivable funding and management services to the entities partnering with Capital Avenue. MyReceivables.com is now part of Capital Avenue's suite of financial products that non-financial institutions will be able to offer their business customers.
By working with some of the nation's premier financial institutions, Capital Avenue provides any entity with business customers, from insurance companies to associations to ISPs, the ability to easily and seamlessly offer lending and leasing products to its customers or members through the Internet. In addition to the accounts receivable solutions provided by MyReceivables.com, other financial products available through Capital Avenue include: business loans; SBA loans; leasing; discount purchasing; and merchant services.
MyReceivables.com provides businesses with instant cash for their accounts receivable through its integrated Web-based platform. In addition to providing receivables funding, the company offers invoicing and statement processing, collections and reporting through its easy-to-use Internet interface. MyReceivables.com also provides proprietary online payment and transaction processing technology offering a variety of custom credit purchasing programs for consumer and business-to-business Internet transactions. The company is backed by CDS Companies, a firm with a successful 28-year history.
"Capital Avenue is changing the rules in terms of which institutions are able to offer their business customers access to financial products," said Leonard Leff, president and chief executive officer of MyReceivables.com. "We are very pleased to be part of this effort and to provide Capital Avenue's end users with our accounts receivable and management services. Our service fits perfectly with other products offered by Capital Avenue."
"We are very pleased to be working with MyReceivables.com," said Thomas Danehey, chief executive officer of Capital Avenue. "We have taken pains to ensure that the companies we put together are the best in their respective fields. In the arena of receivables financing and management services, no one does it as well as MyReceivables.com. Business customers will be very happy with their services."
About MyReceivables.com
MyReceivables.com, a member of CDS Companies established in 1972, began offering its services online in early 2000. The company is the first and largest provider of a full range of online accounts receivable services. This includes accounts receivable management and funding, technology, virtual credit cards, billing, collections, and database marketing. MyReceivables.com is the Internet's leader for small business accounts receivable funding and management. CDS Companies is a New York-based financial services and technology company. For more information, visit the company's Web site at www.myreceivables.com or call Leonard Leff, president and chief executive officer, at (800) 338-7353.
About Capital Avenue
Based in New York City and Hartford, Connecticut, Capital Avenue provides non-financial institutions with the ability to offer commercial banking products such as premium financing, business loans, SBA loans, leasing, receivables financing, discount purchasing and merchant services, to an entity's business customers. These financing opportunities are brought together through Capital Avenue's relationships with some of the nation's premier financial institutions: National Cooperative Bank; MyReceivables.com; Sierra Cities; Republic Leasing; and CIT Small Business Lending. More information on Capital Avenue can be found at www.capitalavenue.com or by calling (800) 883-2498.
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