3P Networks, Inc. Closes on $12M Funding.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- 3P Networks Inc. (the "Company") (Pink Sheets:TPNW) one of the fastest growing providers of integrated telecommunications services, announces that it has closed on an underwriting for a $12 million, five-year term, convertible debenture Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. financing. The financing will enable the Company to proceed with a number of strategic acquisitions in the Caribbean region and will position the Company to issue dividends within two years upon the strength of recurring revenues from its expanding subscriber base. Dr. John Tydeman, 3P Networks Inc. Chairman stated, "We are very pleased to have secured this financing that will now enable us to accelerate our announced strategic acquisitions and roll out of our integrated IP network throughout the Caribbean. These proceeds provide 3P Networks with sufficient capital to accelerate the company's business plan; properly assess 'next step' acquisition opportunities in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. ; and to prepare the company for listing on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Small Cap and the London AIM Exchange." The Company is providing high-quality disclosures on corporate developments to market participants, via its website http://www.3pnetworks.com and via the Pinksheet quotation mechanism. About Quote Platform Syndicate Inc. Quote Platform Syndicate is a syndicate of brokerages, investors, and institutional financiers domiciled in Europe and Asia. Their niche market A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. is the placement and trading of high yield instrument in the world's emerging markets. About 3P Networks 3P Networks Inc. is a diversified, multi-service telecommunications company See telecom company. with interests in North America and the Caribbean. The Company is focused on aggregating subscribers, which provides the company with monthly recurring revenue on a single platform. 3P Networks provides custom bundling of emerging digital telecommunications "triple play" products, such as HD-TV; fixed and mobile wireless VoIP See voice over Wi-Fi. ; and Broadband Internet See broadband. connectivity, delivered to its subscribers in both underserved rural areas and urban high demand markets - all on a common platform. Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of 3P Networks Inc. ("the Company"), or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its plan of operations when needed; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion