Flying J’s Transportation Alliance Bank Provides $7 Million Working Capital Line to DriverTech, LLC
Friday, August 1st, 2008Ogden, Utah – August 1, 2008 – Transportation Alliance Bank (TAB), a subsidiary of Flying J Inc., a Utah based corporation and leader in highway hospitality, announces that it has provided a $7 million working capital line to DriverTech, LLC.
JJ Singh, President and CEO of TAB, announced, “TAB is very pleased to provide $7 million working capital facility to DriverTech, LLC., a fast growth company and leading innovator of Mobile Computing and Mobile-Com services to the transportation industry. The technology platform provided by DriverTech is game-changing and enables DriverTech to provide Mobile Computing and Communication solutions that are not currently provided by its competitors.”
Mark Haslam, CEO of DriverTech, LLC., said: “We are very pleased to have TAB as our bank as we continue to rapidly grow our business. TAB’s unprecedented knowledge of the industry provides DriverTech with a banking relationship where there is a full understanding of our business and customer needs and therefore provides a firm foundation for a long term relationship between DriverTech and TAB. We believe this is especially beneficial for our customers because TAB understands this market and has confidence in its long term prospects”.
About Transportation Alliance Bank:
Transportation Alliance Bank (TAB) was established in 1998 in Ogden, Utah in an effort to extend financial services to professional drivers and trucking companies beyond the limits of traditional banks. TAB has developed a variety of financial products, including: accounts receivable financing, MasterCard® debit and credit cards, equipment loans, savings and investing programs and an extensive network of ATM’s located in Flying J travel plazas across the country.
About Flying J Inc:
Flying J, a privately held company headquartered in Ogden, Utah and is currently ranked among Forbes Top 20 Private Companies in America. This fully integrated oil company employs over 16,000 employees throughout the U.S. and Canada through its interstate operation, transportation, refining and supply, exploration and production, as well as its financial services and communications divisions.
About DriverTech:
DriverTech is the next generation mobile communication system with a full range of services and state-of-the-art applications for the transportation industry. The DriverTech system provides intelligent links to key information that improves driver quality of life and trucking efficiency metrics. The DriverTech system is a true ‘Tri-Mode’ system (Satellite, Cellular and WiFi) that automatically routes data via the lowest cost communication option. DriverTech is committed to enabling customers to improve their operational efficiency through mobile applications, while leveraging the lower cost, wireless networks that are available and continually expanding.
