Philadelphia, PA – January 23, 2008 – NeatReceipts a technology leader in digitizing and organizing unstructured paper-based information announces completion of a US $3.0 million venture loan from Toronto-based MMV Financial Inc. The Company’s solution turns paper-based documents into useable information that can be analyzed, reported, exported or printed – making paper based information digital. The patented NeatReceipts is a multi-purpose scanning and digital filing system that scans, reads and organizes paper receipts, business cards and other documents into easy-to-read digital spreadsheet format.
"This financing enables NeatReceipts to invest in sales, marketing and new product development allowing our aggressive growth to continue.” said Les Spero, Chief Executive Officer of NeatReceipts. “MMV Financial was very responsive to our needs and we look forward to having them as a financial partner.”
“We have been following the tremendous success of NeatReceipts for over a year and are very excited about this new opportunity for us in Philadelphia.” said Greg Dimmer, Senior Vice President, MMV Financial Inc. “The Company has had explosive growth over the past few years and has continuously broadened its distribution network and its product offering.”
About NeatReceipts
Founded in 2002, NeatReceipts is dedicated to providing user-friendly scanning solutions that reduce paper clutter and simplify paperwork for individuals and businesses. The patented NeatReceipts is a multi-purpose scanning solution that scans, reads and organizes paper receipts, business cards and documents into easy-to-read digital spreadsheet format. NeatReceipts is a privately owned company headquartered in Philadelphia with Edison Venture Fund as its lead institutional investor. For more information please visit: www.neatreceipts.com
About MMV Financial Inc.
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de dépôt et placement du Quebec, HSBC, NewStar Financial Inc, and Wells Fargo Company. For more information visit: www.mmvf.com
Greg Dimmer
Senior Vice President
MMV Financial Inc.
(416) 977-9718
gdimmer@mmvf.com
Les Spero
CEO
Neat Receipts
(215) 382-3300
lspero@neatreceipts.com