OSTK, NEWS OUT
OneSource Raises $750,000 in Equity Capital; Company Enters
Agreement <OSTK.OB>
OneSource Raises $750,000 in Equity Capital; Company Enters Agreement with Blackwater Capital, LLC
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Dec. 14, 1999--OneSource Technologies, Inc., (Electronic Quotation System:OSTK) Tuesday announced it has entered into an agreement with Blackwater Capital, LLC ("Blackwater"), a Chicago based investment firm specializing in funding the capital needs of micro-cap startups and emerging companies, for the private placement of $750,000 in equity capital to be funded over the next several months.
OneSource will use this financing for working capital and funding of its inaugural sales and marketing program that features a two-tier sales effort designed to achieving greater penetration of OneSource's unique Flat-Rate Blanket Maintenance System(TM) into large regional and/or national banking and retail companies throughout the country.
The management team of Blackwater Capital Partners brings together a powerful combination of experienced professionals and investors. Collectively, they have over 100 years of capital markets and venture management experience successfully providing strategic and operational guidance to businesses as investors, directors, advisors, consultants and managers.
It is believed that Blackwater's active role in each company along with dedicated and entrepreneurial management is the cornerstone to a successful acquisition. Furthermore, the strategy is designed to establish an exit or sale strategy within each purchase contract with active representation.
Portfolio companies that Blackwater Capital Group have equity investments in include: Realink.com, an online appraisal and mortgage service company, Duraswitch (AMEX:DRA), a patented electronic switch based on magnetic technology, FutureOne (OTCBB: FUTO), a communication company, and White Castle-a food service company.
OneSource also announced on Tuesday the completion of its acquisition of NETExpress, Inc., ("NETExpress"), a Phoenix based network integration company, in an all-stock transaction.
NETExpress, brings significant technical competence and industry-certified Novell (NASDAQ: NOVL) and Microsoft (NASDAQ: MSFT) network engineers to OneSource. |
