CommerceTel Completes $4.3 Million Financing
Funds Accelerate Investments in Technology and Sales Infrastructure to Capture Additional Market Share
(firmenpresse) - SAN DIEGO, CA -- (Marketwire) -- 06/05/12 -- CommerceTel Corporation (OTCBB: MFON), an award-winning provider of proprietary mobile marketing technologies and solutions, today announced that it has completed a private financing for $4,303,568 ("New Notes") with accredited investors.
The financing consisted of approximately $2,612,400 of new funds and $1,691,168 principal amount plus accrued but unpaid interest outstanding under previously issued 10% Senior Secured Bridge Notes that were converted into the New Notes. The proceeds will be used to increase sales infrastructure, accelerate technology and IP plans, and for prospective corporate development opportunities. The financing proceeds were also used to repay $186,322 in principle plus accrued but unpaid interest outstanding under the previously issued 10% Senior Secured Bridge Notes as well as payoff the remaining cash consideration related to the Adsparq (Txtstation) and Mobile Visions (Mobivity) asset acquisitions.
Dennis Becker, President & CEO, explained, "We are delighted to secure additional capital at a competitive rate. With significant organic and external growth opportunities available to us, we can focus our attention on growing our business. This financing will accelerate investments in our technology and sales infrastructure to capture additional market share and build on our continued organic growth."
The New Notes accrue interest at a rate of 10% per annum. They are convertible at the terms of a future qualified equity financing and are secured by a first priority lien and security interest in all of the Company's assets. Additional details regarding the Company's New Notes can be found in the Form 8-K filed with the U.S. Securities and Exchange Commission on June 4, 2012. Investors can access this document through the link below:
CommerceTel is an award-winning provider of proprietary mobile marketing technologies and the inventor of Mobivity, a unique, enterprise-grade platform empowering brands to engage mobile consumers via multiple channels. The only system of its kind, Mobivity is a cloud-based solution providing broad mobile communications and extensive CRM features. It is integrated with multiple tier-one PSTN/ IP carriers and micropayment processing facilities as well as with carrier premium SMS billing systems. Customers include CNN, Disney, Sony Pictures, AT&T, Verizon, USA Network, numerous professional sports franchises, the Golf Channel, and NBC Universal. For further information visit or follow us on Twitter (at)CommerceTelinc.
For additional information, contact:
Company Contact:
CommerceTel Corp.
Dennis Becker
CEO
Phone: 619.725.0990
Investor Contacts:
MZ North America
Mark McPartland
Email:
Tel: +1-212-301-7130
Web:
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Unternehmensinformation / Kurzprofil:
Datum: 05.06.2012 - 11:30 Uhr
Sprache: Deutsch
News-ID 153028
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contact information:
Town:
SAN DIEGO, CA
Kategorie:
Advertising, PR and Marketing
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