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CONECTISYS RECEIVES ANNUAL FINANCING Valencia, California Wednesday, February 21, 2007 ConectiSys Corporation (OTCBB: CNES), a developer of automatic meter reading technologies, announced today that it has entered into agreements for convertible debt financing in the amount of up to $1.35 million. The Company expects that if the full $1.35 million is funded, the net proceeds will be sufficient for the Company to meet its cash requirements over approximately the next 12 months. Robert Spigno, the Company’s President and Chief Executive Officer, stated that, “Securing this funding is an important element of our continued efforts to commercialize, further develop and market our H-Net™ automatic meter reading products and other technologies, and we believe that this financing will provide the necessary funds for these efforts over the coming year.” The Company’s convertible debt financing agreements contemplate an initial installment of $250,000, which amount has been received by the Company and eleven equal additional monthly installments in the amount of $100,000 each for aggregate gross proceeds to the Company of $1.35 million. The subsequent monthly installments contemplated by the convertible debt financing agreements are terminable upon 30-days’ advance notice by either the Company or a majority-in-interest of the lenders. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein that are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements including, but not limited to: the early termination of the lenders’ obligations to provide the Company with up to $1.35 million in convertible debt financing, resulting in the Company’s receipt of less than the full amount of the $1.35 million expected gross proceeds from the convertible debt financing; the Company’s need, over the next 12 months, for funding in excess of the $1.35 million expected gross proceeds from the convertible debt financing; the Company’s inability to secure additional funding or ability to secure additional funding only on relatively disadvantageous terms; the Company’s inability to commercialize, further develop or generate revenues from its H-Net™ automatic meter reading products or technologies; and other risks detailed from time to time in the Company’s periodic reports and other filings with the Securities and Exchange Commission. INVESTOR RELATIONS: Luca S. Spigno (661) 295-6763 Ext 204 Website: www.ConectiSys.com Mailto:InvestorRelations@ConectiSys.com http://www.conectisys.com/Investor_Relations/Press_Releases/… |
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| aus der Diskussion: | !++ConectiSys WirelessComm.Tel.++! |
| Autor (Datum des Eintrages): | Trader007007 (21.02.07 07:12:38) |
| Beitrag: | 69 von 175 (ID:27867807) |
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