William Roark, CEO of Torch Technologies, a privately held Department of Defense engineering services company, announced today that the company has secured a $2 million line of credit from First Commercial Bank.
“As Torch continues its rapid growth and develops additional customer markets, we need to be able to access additional capital to allow our expansion to continue uninterrupted in existing customer segments as well as proceed into new market segments,” said Roark.
“The completion of this line of credit is a key step in our plan for continued expansion. It also reflects First Commercial Bank’s confidence in Torch’s management team and its recognition of the company’s exceptional results and customer recognition for the past two years.”
Torch Technologies, Inc., experienced a more than 100 percent revenue gain in both 2003 and 2004 and is on track to grow significantly in 2005. This expansion is a direct response to significant contract wins.
“We are impressed by Torch Technologies’ performance in the last two years and feel the company is well positioned within the market,” said Leigh Pegues, senior vice president at First Commercial Bank. “This line of credit will enable [the company] to move to the next level of success by bidding and performing on larger contracts.”
Torch Technologies, Inc., is a small business started in 2002 with headquarters in Huntsville, Ala. Torch Technologies provides technical services to Department of Defense customers.