Pegasus Tower Development Secures $15M Credit Facility

 April 2007. (Richlands, Virginia). Pegasus Tower Development Company, LLC, Richlands,  Virginia based wireless tower development entity, announced the closing of a      new $15 Million credit facility with National City Bank. This facility was established to provide additional funding for the development and acquisition of wireless communications sites throughout the United States.

  Pegasus Tower Development Company was formed in 2006 with a $20 million equity commitment through a joint venture arrangement, between Pegasus Tower Company, LTD,

of Richlands VA, and investment firms, Peppertree Capital Fund LP and Primus Capital

Fund V Limited Partnership, both of Cleveland, OH. Through such partnership, Pegasus Tower Development Company already has over 40 wireless communications sites under development or completed.

Jonathan Simmons, CFO of Pegasus, noted “This credit facility will provide additional

capital for achieving our collective goal of aggregating a sizable tower portfolio over the coming years. We are excited about our new relationship with National City Bank and appreciate their confidence in our business strategy.”

About Primus Capital

Founded in 1983, Primus is a private equity firm established to invest in growth capital opportunities, recapitalizations and management-led buyouts.  Primus typically invests between $10 million and $25 million per transaction targeting companies with proven

business models and superior growth prospects.  Although experienced in a number of industries, Primus places an increased emphasis on the business services, healthcare,

for-profit education and communication sectors.

For more information, visit www.primuscapital.com

About Peppertree Capital

Peppertree Capital is a private equity fund focused on later stage growth equity, recapitalization and buyout opportunities in the media, telecommunications and business services industries. Peppertree is based in Cleveland and has an office in Dallas, TX. For more information, visit www.peppertreefund.com

About Pegasus Tower Company, LTD

Pegasus Tower is a privately held tower development company focused on the third party management of sites as well as the development, operation, and ownership of wireless communication sites throughout the United States. Pegasus, founded in 1999, is based in Richlands, VA. The Company is a leading wireless tower development company, now

having developed over 90 sites, with many additional towers under development. For more information, visit www.pegasustower.com

About National City Bank

National City Corporation (NYSE: NCC), headquartered in Cleveland, Ohio, is one of the nation's largest financial holding companies. The company operates through an extensive banking network primarily in Ohio, Florida, Illinois, Indiana, Kentucky, Michigan, Missouri and Pennsylvania, and also serves customers in selected markets nationally. Its core businesses include commercial and retail banking, mortgage financing and servicing,

consumer finance and asset management.


   
® 2002, Pegasus Tower Company, Ltd.