CTX Virtual Technologies, Inc. Enters Into Negotiation for Additional Growth Capital
February 14 2014 - 12:40PM
Marketwired
CTX Virtual Technologies, Inc. Enters Into Negotiation for
Additional Growth Capital
BOCA RATON, FL--(Marketwired - Feb 14, 2014) - CTX Virtual
Technologies, Inc. (OTC Pink: CTXV), a technology company that
manufactures and distributes mobile telecommunication and virtual
imaging devices, touch screens and tablets, announced that it
has entered into a negotiation to secure up to an additional $50
million in debt financing, from a US-based institutional
investor.
Upon successful closing, which
is expected to be in March 2014, the company plans to use the funds
for capacity expansion for new orders, product development,
strategic acquisitions, debt repayment and other corporate
expenditures. The funding is subject to further due diligence and
entering into of a definitive agreement, which would include
customary closing conditions, including but not limited to
respective board approvals. There can be no assurance that The
Company will be successful in closing the financing in the time
frame anticipated or at all.
Clifford Rhee, CEO, stated,
"In step with our continued growth in revenues and new contracts,
we welcome additional growth capital to accomplish the company's
long-term objectives. We have recently completed the initial stage
of capacity expansion and will continue to expand our capacity that
is needed to accommodate our growing customer demand and backlog of
orders."
Forward-Looking Statement
Disclaimer The statements made in this release may contain
forward-looking information that involves risks and
uncertainties. All statements, other than statements of
historical facts, should be considered as forward-looking
statements. Such statements are based on knowledge of the
environment in which the Company currently operates, but because of
risks and uncertainties, actual results may differ materially from
the expectations expressed in the forward-looking statements.
Important factors that may cause actual results to differ from
anticipated results include, our ability to obtain orders and fill
orders on a timely basis, our ability to obtain funding as and when
needed, market acceptance of new products incorporating our
technologies, the success of our product design and research and
development efforts, intense competition, risks of doing business
in China and other foreign markets, our ability to manage growth
and our ability to successfully protect and enforce our
intellectual property rights
For more information: Contact Ed Carter
ed.carter@ctxtechnologies.com 702-561-1790
CTX Virtual Technologies (CE) (USOTC:CTXV)
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