New York, NY – January 22, 2009 – eChalk, a leading provider of internet solutions for the K12 education market announces the completion of a US$3.0 million venture loan from Toronto based MMV Financial. The Company provides K12 schools and their districts a powerful, comprehensive suite of web enabled communication tools. eChalk is privately held with investment from Edison Venture Fund.
"eChalk will use this financing to continue to make investments in technology, product enhancement and sales and marketing.” said Martin Brutosky, Chief Executive Officer and Chief Operating Officer of eChalk. “We are pleased to have MMV Financial as our new financial partner. They were very responsive to work with and have a long history of providing financing solutions to Edison portfolio companies.”
“eChalk represents an opportunity to invest in a well managed, later stage market leader. We believe the Company will continue to grow, penetrating the K12 market with its flexible, user friendly and easily customizable solutions.” said Greg Dimmer, Senior Vice President, MMV Financial Inc. “We were impressed with the depth of knowledge of the team at eChalk and their dedication and responsiveness to their clients.”
About eChalk Inc.
Founded in 1999 and headquartered in New York City, eChalk offers K-12 schools web-based systems that transform teaching, learning, and leadership by creating communities in which all stakeholders can easily communicate, collaborate, and connect. Today’s students have been raised in a digital environment and eChalk enables this culture to be leveraged in instruction and learning. Each community is customized to meet the needs of each school and district. For more information, visit the company's web site at: www.echalk.com
About MMV Financial
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly 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 Québec, Fonds de Solidarité des Travailleurs du Québec, HSBC Bank Canada, NewStar Financial Inc., ROI Capital, and Wells Fargo Company. For more information. For more information please visit: www.mmvf.com
Contacts:
Greg Dimmer Martin Brutosky
Senior Vice President CEO & COO
MMV Financial Inc. eChalk Inc.
(416) 977-9718 (212) 809-8400
gdimmer@mmvf.com mbrutosky@echalk.com