SiriCOMM Enters Into Financing Agreement
25 April 2007 - 11:00PM
PR Newswire (US)
Company Moving Forward with Network Enhancement Initiatives JOPLIN,
Mo., April 25 /PRNewswire-FirstCall/ -- SiriCOMM, Inc., (OTC:SIRC)
(BULLETIN BOARD: SIRC) today announced that it has closed on a
financing agreement on April 20, 2007 with a group of investors led
by Quest Capital Alliance II, L.L.C. on a secured, convertible loan
package totaling $1.0 million with provisions for up to $0.5
million of additional financing on the same terms. The loan is
evidenced by 12% Secured Convertible Debentures in the principal
amount of $1,000,000 and secured by SiriCOMM's wireless network.
This financing is in addition to a financing with Sunflower
Capital, LLC in the amount of $0.5 million which closed on March
14, 2007. Proceeds from these financings will be used for further
development of the Company's nationwide wireless network, new
product development, and general operating requirements. "With this
funding in place, we will be able to execute the next phase of our
business plan," stated Mark Grannell, SiriCOMM president and CEO.
"We are focusing our near-term efforts on enhancements to our
subscriber's experience and revenue generating initiatives that we
expect to improve cash flow performance." 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: John Burton of
SiriCOMM, Inc., +1-913-647-5223, Web site: http://www.siricomm.com/
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