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Washington, DC – March 17, 2003.
Raedel Financial Solutions Closes $500,000 Venture Capital Financing.
Washington, DC - March 17, 2003 - Raedel Financial Solutions Inc. (RFS), provider of high-end browser based analytical software tools, announced today it has completed its first round of institutional capital in the amount of $500,000. Washington Capital Partners, LLC (WCP) a Washington, DC based early-stage private equity firm, led the round. .
Additionally, WCP placed three individuals on the RFS Board of Directors to include: Tidal W. McCoy, Chairman of WCP; William F. Murdy, Chairman and CEO of Comfort Systems USA (NYSE: FIX); and James Hunt, President, Cap Gemini Technologies, LLC.
"We continue to be impressed with the Company's ability to establish themselves as a leader in providing high-end analytical software tools to investment banks, insurance companies, rating agencies, mutual funds and other finance oriented groups. Such tools are desperately needed to forewarn of weaknesses in accounting practices and business operations. We believe the need for such tools will continue to increase given today's highly complex and ever changing accounting rules and regulations and fast paced business environment," said Ty McCoy of WCP.
In June 2002, RFS released RelativeValuation -- a powerful and cost effective high-end browser based analytical software tool. RelativeValuation allows the user to quickly and easily analyze large amounts of publicly reported company data. In a matter of seconds RelativeValuation generates valuation models, converts statutory models into relative GAAP pro-forma projections, and provides peer group and historical trend analyses. The user can then rank the findings according to multiple fields of interest. RelativeValuation also provides an easy to use tool to identify merger or acquisition candidates, distressed company situations, and other potential sources of new business.
The RelativeValuation suite of tools is seen as a means to immediately reduce costs and improve efficiencies while at the same time providing a way to generate new business. To date some of the largest investment banks on Wall Street, national insurance companies and consultancies have licensed the system.
The Company's first product is for use in the Life Insurance and Property & Casualty Insurance Industries and utilizes publicly reported company data from the National Association of Insurance Commissioners (NAIC). Customers include investment banks, analysts, rating agencies, insurance companies, regulators, mutual funds, and others.
About Washington Capital Partners
Washington Capital Partners is a venture capital firm focused on early-stage investments in IT Enterprise applications and services, aerospace and defense, energy, and other select areas. Washington Capital Partners operates with the combined strength of our management team working hand-in-hand with our 50 plus active investing Member Network comprised of senior level executives, entrepreneurs, politicians, scientists, and other industry leaders. This powerful combination allows us to draw upon the resources of a large, diverse Network of experienced business people and apply those resources to our portfolio companies. Washington Capital Partners is based in Washington, DC. Additional information on Washington Capital Partners can be found at www.washcapitalpartners.com.
About Raedel Financial Solutions
Raedel is a provider of web based financial tools that enable decision makers to cost effectively, easily and quickly evaluate, assess, test and make informed and smarter business decisions. These tools utilize vast amounts of raw complex financial data and, through proprietary systems, synthesize it into knowledge that can be easily utilized by corporate management, mutual fund managers, investment bankers, analysts, regulators and other decision makers. Steven Fickes, an experienced and successful entrepreneur, founded the Company. Additional information on Raedel Financial Solutions can be found at www.raedelfs.com.
Contact Kevin Miller for additional information on Raedel Financial Solutions' analytical software products.
CONTACT:
Kevin Miller, Vice President
Raedel Financial Solutions, Inc.
5257 River Road - 730
Bethesda, MD 20816
Phone: (914) 949-5459
Email: kmiller@raedelfs.com
Web Site: www.raedelfs.com
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