Laredo Investment Corporation is Pleased to Announce USD $750,000 Financing Agreement.Business Editors LAS VEGAS--(BUSINESS WIRE)--Feb. 20 2001 Laredo Investment Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :LRDI LRDI Line Remote Defect Indicator LRDI Local Request Dsp Interface ) is pleased to announce the signing of a term sheet with the International Technical Mutual Fund (I.T.M.F.) for a USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. $750,000 Convertible Debenture. The Debenture is now being drawn to conform to S.E.C. Rules and Regulations. The terms are as follows: Issuers: Laredo Investment Corporation Symbol LRDI (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :BB) Amount: USD $ 750,000 Term: 36 months subject to conversion Conversion Terms: Conversion into common stock / LRDI Common Principal: During term or at maturity Investors Warrants: ITMF ITMF International Textile Manufacturers Federation will receive Warrant coverage based on 20% of the gross proceeds. The warrants shall be exercisable for a period of five years from the closing date at the strike price -- equal to one hundred and twenty percent of the five day average closing bid price prior to closing. Interest: Seven percent per annum payable in common stock or cleared funds (Investors Option) Redemption Option: LRDI has the option to redeem for cleared funds at the conversion notice date the benefit of the debenture including principal, capital gains, interest and any dividend dues or interim Payments. Always provided a notice period of 20 trading days is issued to ITMF Registration: No registration rights Closing Window: Within five days of acceptance of closing documents and ITMF legal council approval. Legal Fees: LRDI agrees to pay legal fees and council up to USD $ 15,000 at closing Consulting Fees: Ten percent of debenture note value on NPV NPV See: Net present value Proceeds from this agreement will be used by the Company to further Develop and complete Web Search Technologies Next Generation Intelligent Object-Oriented Search Engine. Richard Pierce, Chief Executive Officer of the Company, commented, "We are delighted to enter into this financing agreement at a very important point in the development of Web Search Technologies. It will enable us to pursue our Internet activities at a more rapid pace and to embark on specific initiatives, which are crucial to establishing our presence in the Search IT marketplace." About Web Search Technologies, Inc. and Laredo Investment Corporation Web Search Technologies is a privately held corporation Noun 1. privately held corporation - a corporation owned by a few people; shares have no public market close corporation, closed corporation, private corporation and is the wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Laredo Investment Corporation. Laredo is a public company registered in the State of Nevada and trades on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. under the symbol "LRDI". Certain statements contained in this press release may be deemed forward-looking statements. Such statements, and other matters addressed in this press release, involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially from these statements and matters are the risks and other factors detailed, from time to time, in the Company's reports with the Securities Exchange Commission, including, but not limited to, the Company's Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion