CORR:
Press Release Source: Corridor Communications Corp.
Corridor Communications Corp. Completes Financing for $2.55 Million
Friday July 23, 7:30 pm ET
MOUNTAIN VIEW, Calif., July 23 /PRNewswire-FirstCall/ -- Corridor Communications Corp. (OTC Bulletin Board: CORR - News; "Corridor"), announced today that it has closed on a $2.55 million preferred stock financing. Under the terms of the financing, investors purchased 1,457 shares of Series A Convertible Preferred Stock, in a private placement at a per share purchase price of $1,750. The investors will also receive warrants to purchase 87,500 shares of common stock for each share of preferred stock purchased. Corridor intends to use the net proceeds from the financing to fund acquisitions and for general corporate purposes.
The shares of Series A Convertible Preferred Stock are convertible into shares of common stock. The investors shall be entitled to receive cumulative dividends at the rate 10% per annum during the first year after closing and 12% per annum thereafter. The warrants will expire five years from the date of issuance.
Corridor is required to register for resale by the investors the common stock issuable upon the conversion or exercise, as the case may be, of the Series A Convertible Preferred Stock and the warrants under the Securities Act.
Corridor was represented by Sichenzia Ross Friedman Ference LLP in this transaction.
About Corridor Communications Corp.
Headquartered in Mountain View, California with Operations in Salem, Oregon, Corridor Communications, Inc. is an integrated wireless Internet service provider (WISP) offering voice, and high speed Internet, to residents and businesses. Corridor plans to implement a growth-through-acquisition strategy by targeting small to mid size Dial Up Internet Service Providers (ISP) in areas underserved by current broadband options. The growth strategy will also focus on creating partnerships with existing hot spot management companies while building company owned hotspots to create ubiquitous coverage or "Hot Zones" that encompass entire cities.
Corridor's IP-Based technology supports all hardware meeting Wi-Fi 802.11(x) standards operating in an unlicensed spread spectrums (2.4 GHz and 5.7 GHz), and can be deployed far less expensively than comparable copper and cable technologies. For more information about Corridor Communications, please visit Corridor's web site at corridorcommunications.com
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in Corridor's filings with the Securities and Exchange Commission. Our forward-looking statements are based on currently available information which management has assessed but which is dynamic and subject to rapid and even abrupt change due to risks and uncertainties that affect our business, including the unpredictability of future revenues and limited visibility into future demand on which to base our forecasts; the current uncertainty in our marketplace which may impact expected demand, customer selection criteria and sales cycle; our ability to execute on product deliverables and major customer contracts, slower economic growth generally, slower adoption of broadband technology, or cutbacks in information technology spending; and factors beyond our control such as power outages or work stoppages at key customers.
CONTACT:
Scott Mac Caughern
Corridor Communications Corp.
650 961-5707 or smac@speedpal.com |
