ENN LANDS FINANCING FOR U.S. EXPANSION
By Adnews Staff
Toronto-based Elevator News Network has secured US$20 million in financing from a group of Canadian and U.S. investors and real estate firms. This second round of financing is in addition to US$10 million from the company's current cash and debt agreements. The money will be used to continue the company's expansion into the U.S market. ENN provides an in-elevator news service to office buildings and real estate properties across Canada and the U.S. The company recently signed contracts to install its system in several New York City landmarks including the Empire State Building, the Chrysler Center, Rockefeller Center and the World Financial Center. ENN has also opened an international headquarters in New York City and established satellite operations in Chicago. Additional real estate firms that have invested in the company's U.S. business include Apollo Real Estate Advisors, Newmark & Company Real Estate, Inc. and Internet Realty Partners L.P., a fund managed by Cohen & Steers Capital Management. Public relations for ENN in Canada are handled by Polaris Public Relations of Toronto.