Coach Industries Group Secures $6.0 Million Funding from Laurus Funds.DAVIE, Fla. -- Coach Industries Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CIGI CIGI Computer Image Generator Interface CIGI Career Information Guidance India CIGI Coach Industries Group Inc. ) ("Coach"), a holding company focused on providing financial solutions to Commercial Fleet Operators, announced today that the Company has secured a $6 million convertible financing facility from Laurus Master Fund, Ltd. ("Laurus"), a New York-based institutional fund that specializes in direct investments in growing, small capitalization companies. Frank O'Donnell Francis Joseph "Frank" O'Donnell (August 31 1911 — September 4 1952) was a Scottish professional footballer. He was the older brother of fellow footballer Hugh O'Donnell, who also played for Blackpool and Preston North End. , Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Coach comments, "We are ecstatic that Laurus has joined our other strategic partners; Ford Motor Company, General Motors and Sovereign Bank in providing resources that enable Coach Industries Group, Inc. to create business solutions for Commercial Fleet Operators. As we move forward, our relationship with Laurus should enable us to complete our corporate and strategic initiatives." The financing facility consists of a three-year, fixed price convertible note that bears an interest rate equal to the Wall Street Journal Prime Rate
The Wall Street Journal Prime Rate (WSJ Prime Rate) is defined by The Wall Street Journal (WSJ) as "The base rate on corporate loans posted by at least plus 3.5%. The facility allows for the outstanding balance to be converted into equity at a fixed conversion price which was set at closing. Additional details about the transaction can be found in the Company's forthcoming 8-K filing. According to Susan Weisman, recently appointed Chief Financial Officer of Coach, "This facility will benefit Coach by increasing its working capital and also allowing us to seek synergistic acquisitions available today in the marketplace." About Coach Industries Group, Inc. Coach Industries Group, Inc. (OTCBB:CIGI) ("Coach") is a holding company focused on providing financial services to Commercial Fleet Operators. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under 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: The Statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission. |
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