Rapidtron Closes $1.8 Million Combined Financing

Monday 5 January 2004 18:33 CET | News

Rapidtron has closed a private placement, issuing 1.28 million units to accredited investors. The units were priced at $1.25 per unit and consisted of one share of common stock and a warrant exercisable at $1.25.

Additionally, the company converted $240,000 of existing debt into 192,000 of newly issued shares. The combined transaction generated $1,840,000 of new equity. In 2003, the company closed a Private Placement of approximately $2.2 million by issuing shares at a price of $1.00. These monies along with the current round of $1,840,000 has provided the company with sufficient working capital and the ability to continue its marketing strategy across North America. The company also announced additional developments to broaden investment community exposure. First, Rapidtron has retained Liolios Group Inc., a highly selective and comprehensive investor relations firm specializing in small and micro-cap companies. By design, Liolios Group represents only a handful of clients at a time, allowing an increased focus on selected companies and permitting greater exposure. This selectivity and unique approach is unparalleled and allows Liolios Group Inc. to deliver superior performance in company positioning, investor awareness, and capital attraction. Secondly, the company has hired Brad Long to the investor relations team. Mr. Long has over 25 years experience in financial planning, including management positions with Merrill Lynch and Thompson McKinnon Securities. Mr. Long will assist the company in its communication with existing and prospective shareholders.

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Categories: Payments & Commerce | Cards
Countries: World
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Payments & Commerce