Milinx Secures $30 Million Equity Financing Commitment.
SEATTLE & VANCOUVER, B.C.--(BUSINESS WIRE)--Feb. 14, 2001
Milinx Business Group, Inc. (OTCBB:MIXBA) announced that it has signed an agreement for up to $30 million of financing in the form of a standby equity-based facility with Bluefire Capital, Inc., an institutional investor.
Under the terms of the agreement, Milinx has the right but not the obligation to obtain as much as $30 million through the issuance of its common shares and warrants in a series of draw downs over a three-year period. Each draw down may be up to $1 million. Milinx will set the date, minimum price, and size of each draw down.
The shares that Milinx may issue will be registered under a registration statement that will be filed with the Securities and Exchange Commission (SEC). Milinx may initiate draw-downs on this facility when its registration statement is declared effective by the SEC. Milinx has retained law firms in Seattle and Vancouver to carry out the registration of the shares underlying the financing of each draw down.
President and CEO Maynard L. Dokken stated, "This equity line agreement comes at a time when Milinx has optimized its capital and operating expenditures. It validates our business model of creating proprietary solutions that can be sold to end users through sales channels including service providers and resellers."
Milinx develops, hosts, manages, and deploys its proprietary business applications on its Milinx Managed Application Platform (MMAP)(TM) at its Application Data Center. Milinx has defined the Systems/Mobile Application Provider (S/MAP) sector in which businesses deliver infrastructure, access, products and services to application service providers or others for resale to end users. Milinx subsidiary ASP TechONE is an ASP that resells the licensed products and services of Milinx or other companies to corporate or individual users.
This news release does not constitute an offer to sell or the solicitation to buy, nor shall there be any sale of the securities in any state under which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.
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|Date:||Feb 14, 2001|
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