This one might be one to watch. ONIN. Made good money on it before. Might be back in play following today's news...
Online Innovation, Inc. Secures $6.0 Million of Equity From Fusion Capital
VANCOUVER, British Columbia, June 26 /PRNewswire/ -- Online Innovation, Inc. (the company) (OTC Bulletin Board: ONIN; Frankfurt: ONN) creators of VirtuallyDating.com, is pleased to announce that it has entered into a common stock purchase agreement with Fusion Capital Fund II, LLC a Chicago based institutional investor, whereby Fusion Capital has agreed, subject to certain conditions, to buy up to $6.0 million of the Company's common stock over a thirty month period. The purchase price of the shares to be sold to Fusion Capital will be based upon the market price of our common stock at the time of sale without a predetermined fixed discount. The Company has the right to control the timing and the amount of stock sold to Fusion Capital.
The commencement of the funding is subject to certain conditions including the effectiveness of a registration statement covering the resale of the shares sold to Fusion pursuant to the common stock purchase agreement. Online Innovation intends to periodically evaluate market conditions and its capital needs in order to determine the amount of stock it will sell to Fusion. The proceeds from the funding will be used for working capital, general corporate purposes and possible acquisitions.
``We are very excited about Fusion's capital commitment and partnership with Online Innovation,'' stated Chad Lee, Chief Executive Officer. ``We believe this financing will help us effectively execute our business plan, develop additional rich content for our Internet presence and build value for our shareholders by focusing our efforts on revenue generation from our current and future web properties. Besides access to capital, Fusion brings many tangible and intangible benefits that are important to the success of any organization.''
``Fusion is looking forward to working with Online Innovation,'' Josh Scheinfeld, Managing Member, Fusion Capital added, ``The combination of a low cost structure and scalable, value added web properties makes Online a dynamic investment. We believe that the company is now well positioned to begin to migrate to a subscription based model with recurring revenues and look forward to being a part of this phase of its growth.''
About Online Innovation, Inc.
Online Innovation, Inc. is a fully reporting public company listed on the NASD OTC Bulletin Board. Through the development of it's wholly owned, award winning web property, VirtuallyDating.com, single adults will have the opportunity to expand their social networks in an entertaining and rich interactive avatar based virtual community, that utilizes the most up to date, cutting edge technology and trend setting design applications.
The VirtuallyDating online singles destination has been developed using the latest in Macromedia Flash and Shockwave technology, with full motion animation, music and sound effects. Present Internet users that do not have the Flash and Shockwave plug-in required to view the site, are able to download the software from a link located within virtuallydating.com.
About Fusion Capital Fund II, LLC
Fusion Capital Fund II, LLC is a broad-based investment fund, based in Chicago, Illinois. Fusion Capital makes a wide range of investments ranging from special situation financing to long-term strategic capital.
For more information, please visit online-innovation.com or contact Online Innovation, Inc. at 1-877-900-2299 or e-mail the company at: contact@online-innovation.com.
Safe Harbor Statement
All statements, other than statements of historical facts, included in this report that address activities, events or developments that the Company expects, believes, intends or anticipates will or may occur in the future, are forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial and otherwise, could differ materially from those set forth in or contemplated by the forward-looking statements herein. These risks and uncertainties include, but are not limited to, the Company's reliance on current revenues; the uncertainties associated with the introduction of new products/services; management of growth, including the ability to attract and retain qualified employees; the ability to integrate acquisitions made by the Company and the costs associated with such acquisitions; dependence on its chief executive officer; substantial competition from larger companies with greater financial and other resources than the Company; the success of its marketing strategy; its dependence on suppliers for some of its products; currency fluctuations and other risks associated with foreign sales and foreign operations; quarterly fluctuations in revenues, income and overhead expense; and potential product liability risk associated with its existing and future products. Readers are cautioned not to put undue reliance on forward-looking statements. The Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Online Innovation, Inc. |
