CinTel Corp. Receives/Secures Additional $4.9 Million Funding
Monday November 5, 12:33 pm ET
Institutional Investor Group Undertakes Premium to Market Financing
LOUISVILLE, KY--(MARKET WIRE)--Nov 5, 2007 -- CinTel Corp. (OTC BB:CNCN.OB - News) announced that a group of qualified individual buyers and current shareholders purchased an aggregate of 7,000,000 shares of the company's common stock on October 30, 2007, pursuant to a share subscription agreement. The investors purchased the shares of common stock at $0.70 per share with the Company receiving gross proceeds of $4,900,000. On the same day, CinTel Corp.'s common stock closed at $0.35 per share, as reported by the OTC Bulletin Board.
the CEO of CinTel Corp., stated, "The new funds will enable us to make additional strategic acquisitions, which could accretively increase our current consolidated revenue base over the next year. In addition, we believe having the continued confidence of the institutional investment community at a time like this where our stock is undervalued, could be viewed as a vote of confidence and is perhaps one of the Company's more important historical milestones. Building on the strength of our existing shareholders, we are pleased to have forged relationships with such a strong group of new strategic and financial investors and look forward to working with them as we expand our operations. CinTel's performance has improved significantly over the last year and this new capital infusion will enable us to implement our business initiatives and bring the Company another step closer towards establishing a recognized brand."
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