News out on VCSY
BOCA RATON, Fla., Mar 21, 2000 (BUSINESS WIRE) -- International
Internet, Inc. (OTC:IINN) announced today that it has received a
commitment letter from Charlotte, North Carolina-based Avenel Financial
Group (Avenel) to provide them with a $4,000,000 to $11,250,000 equity
funding through the sale of Restricted Common Stock. According to the
terms of the commitment letter, the Company will make available 1,500
Units of its Restricted Common Stock at a price of $7,500 per Unit Each
Unit consists of 20,000 shares of the Company's Restricted Common
Stock. Additionally, for every Unit purchased, Avenel will receive a
stock purchase warrant to purchase 4,000 shares of International
Internet's restricted Common Stock at a price of $1.50 per share.
According to the commitment letter, Avenel has agreed that the
restricted shares will not have any registration rights for the period
of one year.
Mike Pruitt Managing Partner of Avenel Financial stated "Our commitment
to invest between $4,000,000 to $11,250,000 into International Internet
is based primarily upon their success rate in investing in emerging
Internet companies and their ability to build significantly upon their
assets."
About Avenel: Avenel Financial Group is a private venture capital group
whose recent investments include Summus, the majority owner of the
publicly held High Speed Net Solutions, Inc., Vertical Computer Systems
(OTCBB:VCSY) (http://www.thechinabridge.com) and Zebramart.com, Inc.
(OTCBB:ZMRT), (http://www.zebramart.com), an internet premier luxury
club. Mike Pruitt is the Managing Partner of this boutique Investment
Banking firm and can be contacted at 704/341-9856. The Avenel Financial
Group is based in Charlotte, North Carolina.
About International Internet, Inc. : International Internet, Inc.
develops and operates Internet and direct retail marketing companies as
well as venture funds focused on the Internet. The International
Internet Group includes wholly owned subsidiaries American Computer
Systems (ACS), StogiesOnline.com, Inc. (www.stogiesonline.com),
International Internet E-tail group, Inc. and International Internet
Ventures I LLC and majority owned subsidiaries, Mr. Cigar, Inc., and
TheBroadcastWeb.com, Inc. (www.thebroadcastweb.com),. International
Internet also holds minority interests in WowStores.com, Inc.
(NQB:WOWS) (www.wowstores.com), Goldonline International,
Inc.(OTC:GDOL) (www.goldonline.com), Vertical Computer Systems
(OTC:VCSY) (www.thechinabridge.com), flightserve.com (AMEX:FSW)
(www.flightserv.com) and eStorefronts.net (OTC:RTTK). |
