International Internet Receives Initial Investment of $4,125,000 From Avenel Financial Group
BOCA RATON, Fla.--(BUSINESS WIRE)--March 31, 2000--International Internet, Inc. (OTCBB:IINN) announced today that it has received an initial investment of $4,125,000 in equity funding from Charlotte, North Carolina-based Avenel Financial Group (Avenel).
On Tuesday March 21, 2000, International Internet, announced that it had received a commitment letter from Charlotte, North Carolina-based Avenel Financial Group (Avenel) to provide them with equity funding of between $4,000,000 to $11,250,000 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 (the equivalent purchase price of $.375 per share). 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.
"With Avenel's initial cash investment of $4,125,000 it brings International Internet's cash position to well over $7,000,000. Unlike many other Internet companies today our organization is well capitalized and we do not carry a significant burn rate. Currently, with our net tangible assets we meet all minimum requirements for listing on a national exchange. Upon completion of our audit we anticipate beginning the process for an application to a national exchange."
Additionally, on March 28, 2000 IINN filed an NT 10-K Notification of Late Filing for a 15-day extension with the SEC. IINN is currently awaiting information from third parties and requires additional time to complete preparation of a complete and accurate Form 10-KSB. For additional information please see the filing at www.freeedgar.com .
About Avenel Financial Group:
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 (OTC Bulletin Board:VCSY) (http://www.thechinabridge.com) and Zebramart.com, Inc. (OTC Bulletin Board: 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). |
