Green Mountain Capital, Inc Completes on $3.5M Financing to Support Its Growth Plans.LONDON -- Green Mountain Capital Inc (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : GMOC GMOC Gay Men Of Color GMOC Green Mountain Orienteering Club GMOC Growth Management Oversight Commission (Chula Vista, CA) GMOC Growth Management Oversight Committee (Ferndale, Washington) ) reported today that it has completed on the first $3.225m out of a $3.5m placement to satisfy its organic development needs in 2007. The financing is structured as a 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. with a 12% coupon, repayable by September 30, 2008, and 3.225m warrant coverage priced at $0.18. There is no conversion feature, except in the event of a repayment default. The placement agents responsible for the successful financing were Sandgrain Securities Inc, who received 10% in commissions and 3% in expenses. Commenting on the financing, Dr. Fredrik Verkroost, Chairman of Green Mountain Capital, said "this is a very good financing deal for the Company as it provides full flexibility to the Board to complete the investments in 2007 and ample time to secure the repayment in September 2008 from operating profits. We have started the year on a high note with a large capacity switch now fully in service, new commercial contracts for connection to our network during the first quarter, and the introduction of VoIP and value-added services" One of these investments is the addition of Stuart Jones Stuart Jones can refer to:
WLR Wholesale Line Rental WLR Weekly Law Reports (UK) WLR Wafer Level Reliability WLR Weapons Locating Radar WLR Buoy Tender, River business forward. The Company has also recently filed a preliminary information statement with the SEC for a name change to IT Group Holdings Inc, to better reflect the telecommunications nature of the business and for a reduction in its authorized share capital from 10,000,000,000 to 1,000,000,000 common shares without impacting on its issued share capital. About Green Mountain Capital Green Mountain Capital merged with Internet Telecommunications Plc of the UK (IT) in May 2006 to become a leading global provider of telecom services. In its first full year of business, IT achieved $19.8m in revenues and $0.5m EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become in 2005 though its successful and seasoned management team. Green Mountain Capital is now established as a fast expanding wholesale carrier-operator supplying service providers and businesses with low cost telecommunications lines as well as competitive and high quality airtime air·time n. 1. The time during which a radio or television station is broadcasting. Also called airspace. 2. The time at which a radio or television program is broadcast. services including voice, data, value-added services such as SMS (1) (Storage Management System) Software used to routinely back up and archive files. See HSM. (2) (Systems Management Server) Systems management software from Microsoft that runs on Windows NT Server. , and carrier services such as Voice-over-Internet Protocol (VoIP). Forward-Looking Statements This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements. |
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