has issued

Series A Preferred Stock

with Warrants

to an investor group led by


Access is a provider of integrated
communications services to small
and mid-sized businesses.

The undersigned acted as financial advisor to Access in this Transaction

Access Integrated Networks

Description

Access provides local exchange, long distance, and other communications services to small and mid-sized businesses in nine Southeastern states. Access “leases” BellSouth’s network through an Unbundled Network Elements-Platform (UNE-P) arrangement in its interconnect agreement.

Situation

The management team of Access approached Croft & Bender to raise equity to fund the Company’s growth, operations, and investment in infrastructure until the Company matured and could either fund itself with internal cash flow or exploit the debt markets. Croft & Bender was hired to draft the offering memorandum, market the Company to interested parties, and to analyze, structure, and negotiate a transaction that would raise the necessary capital.

Result

Croft & Bender successfully raised capital for Access in a staged process that allowed the Company to generate increased valuations as its financial results improved, as well as supported the Company until it achieved positive cash flow. C&B Capital also participated in the transaction.