netTALK Announces Closing of Debenture Agreement For Access To Up To $5 Million
Funds to Be Used for Aggressive Marketing of Lead Product, netTALK Duo, and New Product Launches
MIAMI--(BUSINESS WIRE)-- netTALK.com, Inc. (“netTALK”) (OTCBB: NTLK), a publicly-traded Competitive Local Exchange Carrier (CLEC) engaged in the sale of products and connectivity network phone service for using Voice over Internet Protocol (VoIP), announced today that it has entered into a Security Purchase Agreement with the company’s primary investor, an accredited institutional investor. Pursuant to the agreement, one or more 10% Senior Secured Debentures with principal amount of up to $5 million in the aggregate may be executed. netTALK issued a $3.5 million, 10% Senior Debenture in exchange for funding of $3.5 million, leaving a balance of $1.5 million to be funded at the discretion of the investor in the future, in exchange for 10% Senior Secured Debentures. Further details are available in the related Form 8-K filed by the company with the Securities and Exchange Commission.
"We are in the midst an exciting expansion phase and are pleased to continue to partner with enthusiastic investors who are supporting our growth,” commented Anastasios ‘Takis’ Kyriakides, President and CEO of netTALK. “This additional capital of up to $5 million should help us continue to ramp up our marketing program and expand into new areas per our product launch roadmap.”
About netTALK.com, Inc.
netTALK.com, Inc. is engaged in the design, distribution and sale of products and low-cost Voice over Internet Protocol (VoIP) services. The company’s flagship product, the NetTALK DUO, offers free calling to any phone in the U.S. and Canada, and is available via netTALK’s website and at Walmart.com, Amazon.com, Dell.com, Buy.com, NewEgg.com, TigerDirect.com, CompUSA.com, CircuitCity.com, PCRichard.com, Amazon.ca, Dell.ca, BestBuy.ca, Sears.ca, TigerDirect.ca, all P.C. Richard & Son, CompUSA, and TigerDirect stores, and all Canadian Best Buy, Sears, TigerDirect, and Zellers stores. The netTALK smartphone app enables free outgoing calls from any smartphone without running up talk time minutes, and is available for free from iTunes Canada - where it is the Number One Social Networking app - and from Amazon.com.
Forward-Looking Statements
This news release may contain forward-looking statements made pursuant to the "safe harbor" provisions of the private securities litigation reform act of 1995. While these statements are meant to convey to the public the company’s progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management’s opinion. While management believes such representation to be true and accurate based on the information available to the company, actual results may differ materially from those described. The company’s operations and business prospects are always subject to risks and uncertainties.
CONTACT:
For netTALK.com, Inc.
Media:
Gotham Communications, LLC
Bill Douglass, 646-450-3615
bill@gothamcomm.com
or
Investors:
Hayden IR
Peter Seltzberg, 646-415-8972
peter@haydenir.com
KEYWORDS: United States North America Canada Florida
INDUSTRY KEYWORDS: Technology Consumer Electronics Telecommunications Other Technology Mobile/Wireless
MEDIA:
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