The Utility Company® Receives $1 Million in Financing Led by BDC Capital Inc.

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Expansion Capital Will Continue Managed Service Franchise’s Profitable Growth

Mar 15, 2010 - Ottawa, Canada - The Utility Company, a leading provider of virtual IT service and support, today announced it received $1 million in growth capital led by BDC Capital Inc, a wholly owned subsidiary of the Business Development Bank of Canada.  The funds will be utilized for sales and marketing of the company’s Connected Office (CO) service portfolio, including the upcoming CO Enterprise Program for the mid-market and the new Utility Preferred Supplier Program.

“We are pleased to complete this financing to improve our balance sheet and be in a position to invest in key areas to grow our recurring revenue and expand our franchise system,” stated Mark Scott, president and founder of The Utility Company.  “Having an institutional investor like BDC on board can only help the prospects for our business going forward.”

Now in 75 locations across North America, The Utility Company developed the first managed IT service franchise system in late 2006.  Since then, the company has become the virtual IT department for small businesses (under 50 employees) and a growing number of mid-sized enterprises (50-250 employees) – www.theutilitycompany.com/success.  Going forward, the company plans to continue its vertical market strategy in beachhead markets like accounting and also expand through two key upcoming programs:

• CO Enterprise – virtual IT department delivering supplemental support for existing internal IT departments in a co-managed services model.
  
  
• Utility Preferred Supplier Program – strategic alliances with national and regional industry associations to bring virtual IT to their membership.

About The Utility Company®

The Utility Company® is a leading provider of virtual IT service and support for small and medium-sized businesses, delivering the required hardware, software and service for a monthly fixed fee per user.  Our Connected Office® service program provides a single point of contact to deliver and manage technology, communications and vertical line of business applications – 95% Remote; 100% Proactive.  Customers are supported by local Utility Service Providers delivering on-site service and business-technology consulting to reduce spending and increase utilization – our Beyond Managed Services® franchise opportunity is available by prospectus only.  Learn how to make technology work for your business today at www.theutilitycompany.com.

For more information, contact:

Aaron Bradley
Director of Marketing
1-866-My-Utility (698-8454) ext.7675
abradley@theutilitycompany.com