PR - Platinum Funding Receives Financing From Citibank, JPMorgan

Platinum Funding Group, a leading factoring company, announced today that Citibank has joined with JPMorgan Chase as a participating bank to provide Platinum Funding Group with additional financing for its operations. JPMorgan Chase has been the leading provider of funds to Platinum Funding since establishing a relationship with Platinum in 1994, two years after the company was founded.

Platinum Funding is a leading factoring company, which specializes in providing cash from the outright purchase of a company’s accounts receivable income stream for small and middle market companies that need to fund internal growth, a recapitalization, acquisitions, working capital or to exit Chapter 11.

"I am very pleased to have two of the world’s largest banks providing financing to our company," said Eyal Levy, founder and CEO of Platinum Funding Group. "Having a greater line of credit through these institutions allows Platinum Funding Group to take advantage of growing market opportunities by taking on larger clients and allowing us the financial flexibility to work on more complex deals."

Platinum Funding Group sought to bring in an additional funding source due to high present and expected growth. Current market conditions, including the ongoing credit crunch, are expected to increase business opportunities for factoring companies as many businesses, especially small and mid-size companies, are looking to alternative financing options.

"This year, Platinum Funding Group has seen significant growth," continued Mr. Levy. "Financially, 2007 has been our strongest year to date with us surpassing the $200 million in new financing deals that we generated last year. We have also been expanding our physical presence in the U.S., with the opening of our first West Coast office in Los Angeles two months ago."

"We congratulate Platinum Funding Group on a fantastic nine-month performance and are proud to have them as a client," said Brad Thomson, Senior Vice President and Division Manager at JPMorgan Chase Bank.

Platinum Funding Group also continues its relationship with N M Rothschild & Sons, which began with a short-term facility in 2005 and grew into a long-term funding arrangement in 2006 thanks to Platinum’s strong performance.