Just gets better, Possino or Khashoggi might be involved in EUNI. Could explain why Mark Bergman of Access1Financial had recommended EUNI in the past. Ballsridge was mentioned in the law sued with Isocoles. Ballsridge was invoved in the Possino fraud eSAT inc. Hartcourt was involved in eSAT as well.
eSAT Inc has obtained a funding commitment in the amount of US$ 12 million from the Ballsbridge Finance Ltd fundto be used to redeem the Series C shares
eSAT Announces Redemption of Convertible Notes
eSAT Inc, a broadband satellite service provider, has announced its intention to convert or redeem all of its Series A, B and C shares.
After reviewing current financing alternatives and likely capital requirements, eSAT, Inc. determined it best to implement the following in the Company's interest:
The Series A notes, with Vantage Capital, will be block-converted into Section 144 restricted common shares. The Series A convertible preferred shares were issued in conjunction with a private placement in November 1999. There are no remaining shares of the Series A preferred stock to be converted.
eSAT Inc has earlier redeemed its Series B convertible preferred stock and cancelled all related agreements and rights to purchase any additional shares. Previously, the Series B shareholders had the right to acquire shares in combination with a private placement transaction in November 1999. There are no remaining Series B preferred shares to be converted. An aggregate amount of US$ 1 million was paid to redeem all outstanding series B shares.
The six percent Series C convertible preferred shareholders were given notice on March 29, 2000 of the intended redemption of the Series C shares. The aggregate value outstanding within the Series C shares is approximately US$ 5.6 million. The Series C shares were issued in a December 1999 financing. Within 7 days of the redemption notice, eSAT will transfer US$ 3.56 per share to the Series C shareholder in order to redeem all outstanding shares of the Series C preferred shares.
The Company has elected to cancel its US$ 20 million standby equity line, which was secured in December 1999, but was never used. Furthermore, the Company has indicated its intention to withdraw the form SB-2 filed in January 2000.
eSAT Inc has obtained a funding commitment in the amount of US$ 12 million from the Ballsbridge Finance Ltd fund to be used to redeem the Series C shares and provide the capital for the completion of the acquisition of PacificNet and Interwireless. PacificNet and Interwireless, with revenue in excess of US$ 3 million provide significant synergies with eSat Inc. This combination will supply the combined entities with the opportunity to deliver broadband ISP and other services to areas of the world without sufficient terrestrial infrastructure. The blend of eSAT Inc's long haul satellite capability and Interwireless' last mile solutions, at speeds up to 155 Mb/s, will complete the wireless network of eSAT Inc. Additionally, the combination of PacificNet's proprietary ISP software solution enables the Company to provide the capability of global Internet distribution.
eSAT Inc is a broadband service provider via satellite. The company's core products provide Internet access and networking services through its Global Satellite Internet gateway and its Nexstream product, with bi-directional communications. eSAT Inc's Nexstream provides organisations with an untethered, secure, transportable, cost-effective, global communications, regardless of their communications infrastructure. Additionally, eSAT Inc's ChannelCasting Service (IP multicasting) provides delivery for consistent, accurate, secure and reliable content instantaneously within an eSAT Inc Virtual Private Network or Private Network |
