City of Industry, Calif. — American Telecom Services (ATS) announced today that it has secured an asset-based financing facility from CIT Commercial Services, a unit of CIT Group.
According to a statement released by ATS, the open-ended line of credit will enable the company to continue developing DECT-based phones and related service offerings and to expand its retail distribution.
ATS sells cordless phones with a telecom service attached — either prepaid landline minutes from IDT or a VoIP subscription from Lingo or SunRocket. It introduced 30 new models at International CES last week.
The company posted a $1.6 million net loss in the third quarter of 2006.