News out!
Wednesday September 9, 12:45 pm Eastern Time
Company Press Release
SOURCE: Quick Tent Inc.
Quick Tent Inc. Receives $230,000 Cash Infusion
Company Promotes David L. Taylor to President/CEO
SALT LAKE CITY, Sept. 9 /PRNewswire/ -- Quick Tent Inc. (OTC Bulletin Board: QTNT - news), an emerging company, announced today that it has received a cash infusion totaling approximately $230,000 through a private placement offering with Toronto-based Thomson Kernaghan Co. Ltd. and the issuance of a convertible debenture with New York City-based GEM Advisors Inc.
The Company also announced that David L. Taylor, 30, has been promoted to President and Chief Executive Officer, effective immediately. Mr. Taylor, who has been an employee of the company since 1993, previously served as director of marketing for the Company and secretary/treasurer of the Company's board of directors. Mr. Taylor is the son of Delbert Taylor, 63, the founder of Quick Tent Inc.
''This cash infusion is a major milestone for Quick Tent, because it gives us the final, necessary financial resources to begin the commercialization phase of our Company's development,'' said David Taylor. ''For example, these funds empower us to complete the development of injection molds that are requisite to commencing high-volume production of our tents in China.
''Given that we already have a firm order in place for 9,000 of our ten- second tents, we expect to be in the marketplace within the next 90 to 120 days,'' Taylor added.
The company also announced today that it has retained the services of Ronald Trahan Associates Inc. (RTA) as its public relations and investor relations counsel. RTA, located in Newton Lower Falls, Mass., specializes in building media and investor relationships, cost-effectively, for big and small companies, both public and private.
The Company's initial product, ''Quick Tent(TM)'', is a patented two-person tent designed to be set up in just ten seconds, as opposed to other, more- expensive tents that may require ten to twenty minutes or more to assemble and set up. Additionally, ''Quick Tent(TM)'' can be taken down, folded and put away in only one minute or less. The Company believes that its light-weight, user- friendly tent will compete successfully in its initial targeted segment: the 15 million ''small'' tents sold annually in the United States, a $1 billion industry. To see a demo, visit QuickTent's web site at www.quicktent.net.
Statement Under the Private Securities Litigation Reform Act
Statements contained in this news release that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are ''forward-looking'' statements. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward- looking statements is contained from time to time in the Company's SEC filings, including but not limited to the Company's report on Form 10-Q for the quarter ended June 30, 1998. Copies of this document may be obtained by contacting the Company or the SEC.
SOURCE: Quick Tent Inc.
------------------------------------------------------------------------
More Quotes and News:Quick Tent Inc (OTC BB:QTNT - news) |
