Corridor Communications Corp. Completes Financing for $2.55 Million
24 July 2004 - 10:30AM
PR Newswire (US)
Corridor Communications Corp. Completes Financing for $2.55 Million
MOUNTAIN VIEW, Calif., July 23 /PRNewswire-FirstCall/ -- Corridor
Communications Corp. (OTC:CORR) (BULLETIN BOARD: CORR)
("Corridor"), announced today that it has closed on a $2.55 million
preferred stock financing. Under the terms of the financing,
investors purchased 1,457 shares of Series A Convertible Preferred
Stock, in a private placement at a per share purchase price of
$1,750. The investors will also receive warrants to purchase 87,500
shares of common stock for each share of preferred stock purchased.
Corridor intends to use the net proceeds from the financing to fund
acquisitions and for general corporate purposes. The shares of
Series A Convertible Preferred Stock are convertible into shares of
common stock. The investors shall be entitled to receive cumulative
dividends at the rate 10% per annum during the first year after
closing and 12% per annum thereafter. The warrants will expire five
years from the date of issuance. Corridor is required to register
for resale by the investors the common stock issuable upon the
conversion or exercise, as the case may be, of the Series A
Convertible Preferred Stock and the warrants under the Securities
Act. Corridor was represented by Sichenzia Ross Friedman Ference
LLP in this transaction. About Corridor Communications Corp.
Headquartered in Mountain View, California with Operations in
Salem, Oregon, Corridor Communications, Inc. is an integrated
wireless Internet service provider (WISP) offering voice, and high
speed Internet, to residents and businesses. Corridor plans to
implement a growth-through-acquisition strategy by targeting small
to mid size Dial Up Internet Service Providers (ISP) in areas
underserved by current broadband options. The growth strategy will
also focus on creating partnerships with existing hot spot
management companies while building company owned hotspots to
create ubiquitous coverage or "Hot Zones" that encompass entire
cities. Corridor's IP-Based technology supports all hardware
meeting Wi-Fi 802.11(x) standards operating in an unlicensed spread
spectrums (2.4 GHz and 5.7 GHz), and can be deployed far less
expensively than comparable copper and cable technologies. For more
information about Corridor Communications, please visit Corridor's
web site at http://www.corridorcommunications.com/ "Safe Harbor"
statement under the Private Securities Litigation Reform Act of
1995: This release contains forward-looking statements that are
subject to risks and uncertainties, including, but not limited to,
the impact of competitive products and pricing, product demand and
market acceptance, new product development, reliance on key
strategic alliances, availability of raw materials, the regulatory
environment, fluctuations in operating results and other risks
detailed from time to time in Corridor's filings with the
Securities and Exchange Commission. Our forward-looking statements
are based on currently available information which management has
assessed but which is dynamic and subject to rapid and even abrupt
change due to risks and uncertainties that affect our business,
including the unpredictability of future revenues and limited
visibility into future demand on which to base our forecasts; the
current uncertainty in our marketplace which may impact expected
demand, customer selection criteria and sales cycle; our ability to
execute on product deliverables and major customer contracts,
slower economic growth generally, slower adoption of broadband
technology, or cutbacks in information technology spending; and
factors beyond our control such as power outages or work stoppages
at key customers. CONTACT: Scott Mac Caughern Corridor
Communications Corp. 650 961-5707 or DATASOURCE: Corridor
Communications Corp. CONTACT: Scott Mac Caughern of Corridor
Communications Corp., +1-650 961-5707, or Web site:
http://www.corridorcommunications.com/
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