Access Power Secures Strategic Venture Capital Financing
PONTE VEDRA BEACH, Fla., Oct. 18 /PRNewswire/ -- Access Power, Inc. (OTC Bulletin Board: ACCR) today announced the closing of the sale of $1 million of its 6% convertible debentures to an investment fund managed by WEC Asset Management, LLC. The fund also agreed to acquire an additional $1 million of the debentures, on the same terms, under certain conditions.
"We are excited to be a part of this innovative new business," said Ethan Benovitz, Managing Director of WEC Asset Management. "Access Power's business plan complements our strategy to invest in Internet and New Media companies with high-growth potential."
Glenn Smith, CEO and president of Access Power, said the company will use part of the proceeds to enhance and improve its systems. "We are in the process of upgrading and expanding our network and plan to continue to invest in system improvements to meet the needs of our growing customer base."
About Access Power
Access Power, Inc. is a pioneer provider of global Internet-based long distance phone service. The company's Net.Caller PC-to-phone and phone-to- phone service offers a unique unlimited-usage flat rate design -- earning the company recognition by SmartMoney.com, an on-line Wall Street Journal magazine, as one of the "best buy" Internet telephony service providers. Affiliates and marketing partners include Lycos-Bertelsmann AG; VocalTec Communications, Inc., CTDepot.com, and the Riparius Corporation. Access Power, Inc. {www.accesspower.com} 10033 Sawgrass Drive West, Suite 100, Ponte Vedra Beach, Fla., USA 32082)
Note: Statements in this press release, which are not historical facts, are "forward-looking statements" within the meaning given to that term in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.
SOURCE Access Power, Inc.
CO: Access Power, Inc.; WEC Asset Management, LLC
ST: Florida
IN: TLS MLM
SU: FNC
10/18/1999 15:26 EDT prnewswire.com |
