Company News
Cheshire, CT, September 5, 2008:Tamarack Medical Systems is pleased to announce the formation of several new financial partnerships with Univest Capital and Westport Funding.
The new partnerships will allow our customers access to competitively priced leasing and finance options for their projects. Both companies will lease and finance hardware, software and services into a low affordable monthly payment at terms from 12 to 60 months.
“We are excited to add Univest Capital and Westport Funding to Tamarack’s family of services. These new partnerships allow our current and prospective clients the ability to lease or finance their projects over time. This coupled with Tamarack’s comprehensive suite of products and services will ensure the cost effectiveness and professional delivery of Best-In-Class information technology solutions.” Michael S. Simeone, President & CEO, Tamarack Medical Systems.
About Univest Capital:
Univest Capital’s primary objective is to offer competitive business leasing and financing programs on products and services. Univest Capital is self-funded enabling them to hold and service their own portfolio – they don’t “sell paper” providing our clients with very competitive rates for equipment leasing and software financing programs.
Their small-ticket programs for transactions under $75,000 are fast, convenient and efficient with an “Application Only” credit criterion. Most credit decisions are made within 2 hours using a one page equipment lease or for software and services a one page installment payment agreement.
Their mid-ticket program focuses on transactions from $75,000 - $250,000, Univest Capital’s experienced sales personnel are resources to help take these transactions from proposal to close.
About Westport Funding:
Westport Funding, LLC is a well-established full service equipment leasing and finance company. They are experts at helping small to large-sized organizations obtain new hardware, software and services needed to become more competitive.
Westport Funding’s primary objectives are to provide structured finance, fixed option and operating lease programs. Their primary strength is the ability and willingness to structure custom lease transactions that fit your financial and technological requirements rather than try to "shoehorn" those requirements into a predefined program.
Their professional staff has a strong desire to see our customers succeed, and demonstrate that by the personal attention they give each client. Gary Plewak and Bob McIntyre are the principal owners of Westport Funding. They each have 25+ years of experience in the equipment leasing business and have financed in excess of $1 billion of equipment and services.
About Tamarack Medical Systems:
Tamarack Medical Systems is a full service technology solutions company specializing in; Medical Practice Management and Electronic Health Records Software, Information Technology Management, Data Center and Application Hosting, IT Infrastructure and Networks, Software Development, Business Continuity, Disaster Recovery and IT Security.
Why Lease?
Leasing equipment or financing software and services offers a number of benefits to customers in comparison to cash investments or tapping into existing bank credit lines:Manage Cash Flow
Relevant at all times, but particularly during a lean economic climate when “Cash is King”, leasing helps customers manage their cash flow by paying for equipment or software over time; thereby matching revenue and expense.
Leverage Purchasing Power
When evaluating your equipment or software needs leasing provides an effective vehicle to acquire the solution your business really needs, vs. acquiring only what you can afford using available cash from your capital budget.
Preserve Bank Credit Lines
Accessing leasing allows businesses to keep their existing bank credit lines available for short term needs, including inventory, advertising/marketing, and payroll.
100% Financing
Customers can bundle in project costs including equipment, software, maintenance, training, installation, and shipping into one convenient payment plan with minimal initial outlay. Customers can even finance sales tax in their lease amount.
Avoid Obsolescence
Lease terms and types can be matched to the equipment’s expected useful life, enabling customers to keep pace with technological changes by upgrading to new equipment.
Tax Advantages
Depending upon the type of lease selected, customers may be able to treat monthly payments as a fully deductible operating expense from a tax standpoint.
Accounting Advantages
While not available for all types of equipment, in some instances you may be able to structure FASB-13 compliant operating leases. Contingent upon review and classification by a customer’s auditors, operating lease payments may be expensed as made on the income statement and reflected in the footnotes.
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