Trinsic Receives Funding; Settles New York Tax Dispute.TAMPA, Fla. -- Trinsic, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : TRIN TRIN Short for TRaders INdex. A technical analysis indicator calculated by taking the advances-to-declines spread and dividing that by the volume of advances to declines. Notes: If the value of this is less than 1, then it is considered to be a very bullish indicator ), a leading provider of traditional and IP telephony services, announced today that it has borrowed $1,000,000 from The 1818 Fund III, L.P., its largest shareholder, in order to take advantage of a tax settlement with the State of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . The Fund is one of a family of funds Family of Funds A group of mutual funds offered by one investment or fund company. Each mutual fund has different characteristics and can range depending on investment objective. Also referred to as a "Mutual Fund Family" or simply a "Fund Family". managed by Brown Brothers Harriman & Company. In connection with the loan, Trinsic delivered to the Fund 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. bearing interest at 12% annually and due on demand. The promissory note requires that, upon request by the Fund, Trinsic must provide to the Fund a security interest in any and all of its assets, except those assets subject to its Receivables Sales Agreement with Thermo Credit LLP LLP - Lower Layer Protocol . According to the Company, the Fund did request and the Company has provided to the Fund a mortgage on real estate in Atmore, Alabama where it has an operations facility. The settlement with the State of New York resolves certain corporate and sales tax disputes from the years 1999 through 2001. In the settlement, Trinsic has agreed to pay approximately $2.8 million by a down payment of $750,000 and 24 equal monthly installments. The Company says that it adequately accrued for this tax liability in previous periods. About Trinsic Trinsic offers consumers and businesses traditional and IP telephony services. Trinsic's products include proprietary services such as Web-accessible, voice-activated calling and messaging features that are designed to meet customers' communications needs intelligently and intuitively. Trinsic is a member of the Cisco Powered Network Program and makes its services available on a wholesale basis to other communications and utility companies, including Sprint. Trinsic, Inc. changed its name from Z-Tel Technologies, Inc. on January 3, 2005. For more information about Trinsic and its innovative services, please visit www.trinsic.com. |
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