KANA News...
(BSNS WIRE) Kanakaris Announces $5 Million Line of Credit to Pursue Inte
Kanakaris Announces $5 Million Line of Credit to Pursue Internet Opportunities
Business Editors and High-Tech Writers
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Feb. 25, 1999--
Alliance Equities Inc. Provides Kanakaris With Support for its
Internet LifeStyle eCommerce Development
Kanakaris Communications Inc. (OTC BB:KANA) Thursday announced
the receipt of a $5 million line of credit from Alliance Equities
Inc., a Florida-based venture capital firm, to pursue current Internet
opportunities, eCommerce development, and a possible stock buy back
program.
Richard Epstein, president of Alliance Equities, stated: "We are
very excited to be involved with Kanakaris. We are providing
Kanakaris with the funding needed to explore various current Internet
opportunities, including the start-up of the Internet LifeStyle
Network which will be a groundbreaking eCommerce Web site including
auctions of specialty items. Kanakaris will also explore a possible
stock buy back program."
Alex Kanakaris, chief executive officer of Kanakaris
Communications, stated that the relationship with Alliance "Will jump
start the company's efforts with our Internet LifeStyle Network Web
site, and allow us to explore the possibility of a stock buy back
program, as well as other expansion and opportunities on behalf of our
shareholders."
A Memorandum of Understanding was signed with a definitive
agreement scheduled to follow within seven days. The line of credit
is immediately available to Kanakaris, according to Alliance Equities.
Kanakaris Communications is traded on the OTC Bulletin Board and
the Frankfurt Stock Exchange. For further information on Kanakaris
Communications (www.kanakaris.com) contact Colby Marceau, director of
public/investor relations at 714/444-0560; fax 714/549-8970; e-mail
info@kanakaris.com; 3303 Harbor Blvd., No. F-3, Costa Mesa, Calif.,
92626.
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 (the
"Act"). In particular, when used in the preceding discussions, the
words "plan," "confident that," "believe," "expect," "intend to" and
similar conditional expressions are intended to identify
forward-looking statements within the meaning of the Act and are
subject to the safe harbor created by the Act. Such statements are
subject to certain risks and uncertainties, and actual results could
differ materially from those expressed in any forward-looking
statements. Such risks and uncertainties include, but are not limited
to, market conditions, competitive factors, the ability to
successfully complete additional financings, and other risks.
--30--JS/np* RMS/np
CONTACT: Kanakaris Communications, Costa Mesa
Colby Marceau, 714/444-0560
info@kanakaris.com
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: COMED INTERACTIVE/MULTIMEDIA/INTERNET
COMPUTERS/ELECTRONICS
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