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SIEMENS FIRST CAPITAL OFFERS ACCOUNTS RECEIVABLE CREDIT FACILITIES FOR BORROWERS AND FINANCIAL COUNTERPARTIES

New York, NY, April 1, 2008 Siemens First Capital Commercial Finance, LLC (www.SiemensFirstCapital.com) announced today an Accounts Receivable (A/R) Purchase Program for Middle Market companies. This program offers quick access to working capital for companies using their accounts receivables as collateral for an asset-based line of credit. The program also addresses domestic and international financial institutions that are seeking alternatives to service their existing contracts with a stable and reliable counterparty. Qualification of the A/R Purchase Program depends on the quality of the accounts receivable and is subject to verification, full notification and perfection. 

 

At the same time, Siemens First Capital (SFC) re-enforced their commitment to Middle Market companies. Siemens First Capital continues to be committed to our existing customers and is a reliable and stable source of capital for those companies who are in need of additional or new funding sources for working capital.  

 

"The market is very dynamic and constantly changing. At Siemens First Capital, we are excited about our future and growth potential", said Mark Sunshine, President and Chief Executive Officer of Siemens First Capital. "Our capability to serve a diverse set of customers, combined with stable funding that we are offering, makes us a natural choice for companies seeking a long-term relationship. As Middle Market companies balance their growth ambitions with their capital needs, whether it is for a $100 million or $3 million facility, we have the capability to serve."

 

Roland Chalons-Browne, President and Chief Executive Officer of Siemens Financial Services Inc., says his outlook for U.S. investments remains optimistic in many sectors. "Our success is based on our ability to be very much in tune with our customers, and to leverage our strength as a manufacturing company with our expertise as a financing company. With our broad financial offering, we at SFS, together with Siemens First Capital as our account receivable facilities joint venture, are well positioned as a source of capital to keep viable businesses going strong."

 

Those interested in a credit facility can learn more by calling 866-836-4917.

 

About Siemens First Capital Commercial Finance, LLC

Siemens First Capital Commercial Finance, LLC (Siemens First Capital), is a joint venture between SFS and First Capital. The goal of the joint venture is to further develop both companies' working capital and accounts receivable financing businesses by offering market-leading solutions to customers in the domestic and Asian markets. Siemens First Capital, with offices in New York and several other locations in the U.S., will focus on cross-border asset-based financing between $20 million and $200 million by managing the collections and non-payment risk for Asian clients shipping goods into the U.S.  Further information: www.SiemensFirstCapital.com.

About Siemens Financial Services (SFS)
With some 1,800 employees and an international network of financial companies coordinated by Siemens Financial Services GmbH, Munich, the Siemens Financial Services group offers a broad range of financial services. This covers activities from sales and investment financing to treasury services, fund management and insurance brokerage. The group's key customers are internationally active industrial and services companies, as well as public-sector operators. The group supervises more than 20 equipment financing companies worldwide. Further information: www.siemens.com/finance.

 

Siemens Financial Services, Inc. (SFS Inc.) is a leading provider of business-to-business financial services in the United States. SFS is a committed business ally that combines deep industry expertise with integrated financing solutions to enhance the efficiency, productivity, and competitiveness of its customers. The company, based in Iselin, NJ, enables business expansion for thousands of customers in the healthcare, energy, and industrial sectors by providing customized solutions that range from equipment financing and working capital to project and export finance, and insurance solutions. Further information on Siemens Financial Services in the United States:  www.usa.siemens.com/financial.

 

 About Siemens
Siemens AG (NYSE: SI) is a global powerhouse in electronics and electrical engineering, and operates in the industry, energy and healthcare sectors.  Over 160 years, Siemens has built a reputation for leading edge innovation and the quality of its products, systems and solutions.  In fiscal year 2007, Siemens reported worldwide sales of $96.6 billion, and employs 400,000 people in 190 countries. With its U.S. corporate headquarters in New York City, Siemens in the USA reported sales of $23.1 billion and employs approximately 72,000 people throughout all 50 states and Puerto Rico. For more information on Siemens in the United States, visit www.usa.siemens.com.

 

About First Capital

First Capital is a leading commercial financial services firm providing prompt, professional and reliable working capital solutions and outsourcing, primarily for middle-market companies and institutions.  With over $1 billion in total committed lines, First Capital is one of the largest independent and fastest-growing commercial finance companies in the United States.  The firm focuses on asset-based lending, accounts receivable management, credit protection, international supply chain financing and servicing for clients in North America and Asia.  The firm also manages asset portfolios for clients and is an active issuer of receivables-backed securities.  Combining a unique blend of traditional and progressive banking methods, First Capital provides clients with customized support needed to grow and maintain their business.  Based out of West Palm Beach, Florida, the firm has six full-service offices in major cities including New York, Los Angeles, Ft. Lauderdale, Oklahoma City and Atlanta and a subsidiary that is headquartered in Hong Kong.  Further information: www.FirstCapital.com.