SiriCOMM Secures Financing
15 March 2007 - 1:32AM
PR Newswire (US)
JOPLIN, Mo., March 14 /PRNewswire-FirstCall/ -- SiriCOMM, Inc.,
(OTC:SIRC) (BULLETIN BOARD: SIRC) today announced that it has
reached preliminary agreement, subject to final documentation, on
loan packages totaling up to $2 million. The Company received
advance proceeds today under terms of the agreement and expects
final closing of the deals within the next week. Proceeds from the
financing will be used for further development of the Company's
nationwide satellite network, new product development, and general
operating requirements. "With the SiriCOMM board authorizing loan
agreements of up to $2 million, we will be able to execute the next
phase of our business plan," stated Mark Grannell, the SiriCOMM
president and CEO who joined the Company a month ago. "We are
encouraged with our progress and are already seeing customer
retention and growth benefits from the ongoing implementation of
our network quality of service initiative." About SiriCOMM SiriCOMM
is an application service provider specializing in wireless
Internet connectivity and productivity applications tailored to the
transportation industry. By providing both network access and a
robust application host platform, SiriCOMM delivers a responsive
and convenient way for all industry stakeholders to utilize and
leverage information. The company uses Wi-Fi and radio-frequency
technologies to create hot spots at locations convenient to highway
travel. More information including network locations is available
at http://www.siricomm.com/. Statements about the future
performance of SiriCOMM, economic trends, and other forward-looking
statements in this release are made pursuant to the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that such forward-looking statements
involve risks and uncertainties, including without limitation,
continued acceptance of SiriCOMM's products, increased levels of
competition for the company, new products and technological
changes, SiriCOMM's dependence on third-party suppliers, and other
risks detailed from time to time in SiriCOMM's periodic reports
filed with the Securities and Exchange Commission. SiriCOMM
provides no assurance regarding the actual outcome of the events
contemplated by any forward-looking statements included in this
release. DATASOURCE: SiriCOMM, Inc. CONTACT: Matt McKenzie, Chief
Financial Officer of SiriCOMM, Inc., +1-417-626-9971, Web site:
http://www.siricomm.com/
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