Press Release Source: Nettel Holdings
Nettel Holdings, Inc. and Cornell Capital Partners, LP Announce $10 Million Equity Funding Agreement. Friday October 1, 4:44 am ET
PORTLAND, OR--(MARKET WIRE)--Oct 1, 2004 -- Nettel Holdings Inc. (OTC BB:NTTL.OB - News), Berlin and Frankfurt Stock Exchanges (NT7, WKN 727487) and Cornell Capital Partners, LP Announce $10 Million Equity Funding Agreement. ADVERTISEMENT Nettel Holdings announced today that it has received a $10 million financial commitment from Cornell Capital Partners, LP and the execution of the final agreements between both parties was completed on September 29, 2004.
Under the agreement, Cornell Capital has committed to provide up to $10 million of funding to be drawn down over a 24-month period at Nettel Holdings' discretion. There are no minimum draw downs required in the agreement. The funds may be used in whole or in part entirely at Nettel Holdings' discretion, subject to an effective registration.
We are very pleased to work out terms with Cornell Capital for this equity financing that is beneficial to both parties. This agreement provides Nettel the access to capital necessary for equipment purchases and operations, as well as providing the funds necessary for marketing the several new products introduced in the past few months. This financial agreement will enable us to expedite the implementation of our business plan, allowing us to utilize timely draws of these funds to ensure efficiency and create a much larger market share in an accelerated timetable.
For more information on Nettel Holdings or its subsidiaries, visit the company's website at http://www.nettelholdings.com.
About Nettel Holdings, Inc.
Nettel Holdings Corporation is a holding company owning subsidiaries engaged in a number of diverse business activities, the most important of which are Telecommunication and Software. As an incubator for high technology companies, Nettel Holdings is dedicated to nurturing high-growth, high-tech businesses into profitable industry leaders. In addition to providing the necessary financing, Nettel Holdings provides business support services that accelerated the successful development of our subsidiaries by providing them with an array of targeted resources and services. We look for companies that show vision and compatible ideas that prompt us to invest our money and time into. Our main goal is to produce successful subsidiaries that will leave them financially viable and freestanding. Our subsidiaries are at the forefront of developing new and innovative technologies. The wholly owned companies of Nettel Holdings are: AVOP, Entec Software, Inc., EBIV.com, FaxZoo, Inc., IPTalks, Inc., IPXC, Nettel Telecom, Nettel Trading, NetZoo, Inc., Phonezoo.net, SIPZOO, Inc., Talking Technologies, Tougi, and VoipXchange.
Safe Harbor:
Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results in the future to differ materially from forecasted results. These risks and uncertainties include, among other things, the company's ability to attract qualified management, raise sufficient capital, and effectively compete against similar companies.
Contact: Contact: Sam Brewer 503-222-6018 http://www.nettelholdings.com
|