Bulldog Technologies Announces $750,000 Financing; Bulldog Secures Short-Term Bridge Note in Connection with Continued Execution of Restructuring Plan.RICHMOND, B.C. -- Bulldog Technologies Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). .BB: BLLD BLLD British Library Lending Division (UK) BLLD Bit-Linear Linear Dispersion ), a provider of wireless solutions and sensor networks to monitor, track and secure assets for cargo and global supply chain security, today announced the execution of a Subordinated Secured Promissory Note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. (the "Note") with an investment group on July 10, 2006. This short-term financing was effective as of June 30, 2006 and provides the Company with $750,000 in immediate working capital to facilitate the restructuring of the Company. The Note, which bears interest at the rate of one percent (1%) above the prime lending rate The lowest rate of interest that a financial institution, such as a bank, charges its best customers, usually large corporations, for short-term unsecured loans. The prime lending rate is an economic indicator and is often used as a measuring point for adjusting interest (8.25% as of June 30, 2006), requires principal and accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. to be repaid on September 28, 2006. Mr. Paul G. Harrington, President and Chief Executive Officer, stated, "Securing this bridge financing represents one of our immediate goals of our overall restructuring plan. We are gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. that our investor has exhibited confidence in the efforts of our management and transition team by extending us this bridge financing on favorable terms. We will continue to evaluate additional financing opportunities to provide the necessary capital to execute both our near- and long-term business objectives." About Bulldog Technologies Bulldog Technologies designs, develops, and manufactures its patented and FCC-certified wireless Online Security Solutions (BOSS(TM)) for supply-chain and other security and asset protection business applications. With an estimated $6 billion in reported cargo theft annually, Bulldog's BOSS(TM) products are designed to increase supply chain operational efficiency, security, and reduce and deter overall losses. The Company also has the ability to offer substantial assistance to corporations, governments and law enforcement agencies A law enforcement agency (LEA) is a term used to describe any agency which enforces the law. This may be a local or state police, federal agencies such as the Federal Bureau of Investigation (FBI) or the Drug Enforcement Administration (DEA). in maintaining the integrity and traceability of cargo and containers as they enter or exit sovereign territory, are processed and re-distributed to final destinations. For further details on the Company and its products, please visit the Company's website at www.bulldog-tech.com. Bulldog Technologies believes that this press release contains forward-looking statements as that term is defined in 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 are subject to risks and uncertainties. Such statements are based on management's current expectations and are subject to facts that could cause results to differ materially from the forward-looking statements. For further information you are encouraged to review Bulldog's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-KSB for the period ended August 31, 2005, and Quarterly Reports on Form 10-QSB for the periods ended November 30, 2005 and February 28, 2006. The Company assumes no obligation to update the information contained in this press release. |
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