CorpHQ Subsidiary Closes Second Round of Financing; Safeguard Technology Raises an Additional $1 Million for Expansion.Business Editors REDONDO BEACH Redondo Beach (rĭdŏn`dō), city (1990 pop. 60,167), Los Angeles co., S Calif., on the Pacific Ocean; inc. 1892. Once a commercial port for Los Angeles, it is a residential and resort city with a protected harbor and an excellent marina. , Calif.--(BUSINESS WIRE)--June 1, 2004 CorpHQ, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :COHQ) announced today that it has assisted its security industry subsidiary, Safeguard Technology International Inc., in closing a second round of equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. from existing shareholders. The $1 million private placement was valued at $0.25 per share, an increase of 66% over the valuation of the initial round. Safeguard and CorpHQ executives will travel to London London, city, Canada London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. in early June June: see month. to discuss extending the offering to $5 million, said the company. Gregg Davis, Safeguard President said, "We are meeting all of our internal forecasts in terms of revenue growth and our gross margin has exceeded our expectations. Because of this we have reached positive cashflow within 8 months after entering the Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, market. The funds we have raised will be used to expand our sales force and for local advertising." "Safeguard is beginning to really hit its stride in the market," said Steve Crane, 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 CorpHQ. "Their rapid growth and strong operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: have translated into increased per share value which benefits both Safeguard and CorpHQ shareholders." About CorpHQ, Inc. Since the inception of its predecessor company in 1993, CorpHQ, Inc. has evolved from an innovative online marketplace and virtual corporation for small and home-based businesses into a business consulting organization and holding company comprised of established and emerging companies. The CorpHQ companies address vertical market segments in the Consumer Products, Services and Technology industries. For additional information please visit the Company's website at www.corphq.com. About Safeguard Technology: Safeguard Technology International, Inc. aggregates and markets innovative technology-based security solutions. Actively engaged in the commercialization of advanced security platforms for commercial and consumer clients, Safeguard's strategy is to grow both organically and through strategic acquisitions of companies that span the landscape of surveillance, detection and identification. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Any statements made in this press release which are not historical facts contain certain "forward-looking statements," as such term is defined in the Private Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement. This press release is available at www.corphq.com and http://www.pinksheets.com/quote/quote.jsp?symbol=COHQ. |
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