Sanwire Corporation Signs $7,500,000 Equity Financing Agreement With Institutional Investor Magna Group
September 04 2013 - 9:16AM
Marketwired
Sanwire Corporation (OTCQB: SNWR) ("Sanwire"
or the "Company"), a global provider of wireless communications
services and data solutions is pleased to announce the Company has
entered into a common stock purchase agreement for a $7,500,000
Equity Enhancement Program with Magna Group affiliate fund, Hanover
Holdings I, LLC ("Magna"), headquartered in New York, NY.
The equity financing is being provided through Magna's Equity
Enhancement Program, a Magna Group proprietary product. The program
allows, but does not obligate, the Company to issue and sell up to
$7,500,000 worth of the Company's common stock over a 36-month term
following the effectiveness of a registration statement the Company
has agreed to file with the Securities and Exchange Commission. The
Company has filed an 8-K with the Securities and Exchange
Commission further detailing the transaction.
"This equity financing transaction provides Sanwire with the
capital to execute on its business plan and grow organically while
seeking strategic acquisitions," stated Naiel Kanno, President and
CEO of Sanwire. "Magna's innovative Equity Enhancement Program
allows maximum flexibility for Sanwire to allocate its capital
effectively and pursue its business objectives."
Joshua Sason, founder and chief executive officer of Magna
Group, expressed the firm's enthusiasm from New York: "Our Equity
Enhancement Program was designed to support the growth and business
objectives of small- and mid-cap companies just like Sanwire. With
the company's strong management team and business plan, we worked
collaboratively to build a customized solution through which the
firm can get the capital they need at their own discretion. We look
forward to building a long-lasting strategic partnership with
Sanwire."
About Sanwire Corporation Sanwire is a
global provider of wireless communications services, data
solutions, and application software/hardware. Sanwire's vertically
integrated portfolio of solutions target a diverse array of
enterprises and multiple disciplines with one goal in mind --
deliver efficient and reliable communications. For more
information, visit www.sanwire.net. Sanwire has two wholly owned
subsidiaries in its current portfolio, iPTerra Technologies and
Aero Networks. iPTerra is a designer, developer, manufacturer and
marketer of a real-time 2-way wireless and/or wireline
communications, and mine-safety solution for the global mining and
industrial industry (www.ipterra.net) . Aero Networks provides
advanced telecommunications and broadband services to rural
communities and Native American tribes with focus on public safety,
education and healthcare sectors. Aero is a pioneer in delivering
4G/LTE, TV White Space, and advanced wireless technologies
(www.aeronetworks.net).
About Magna Group Magna Group is a cutting
edge global investment firm that makes innovative investments and
forges lasting partnerships amidst a constant drive to identify the
most exciting opportunities, worldwide. Founded in 2009 by Joshua
Sason, the firm was established to identify and creatively invest
in structured opportunities in micro and small-cap public
companies. Magna Group quickly built a stellar reputation in the
marketplace and amongst portfolio companies for its focus on
building relationships and transacting ethically. Today, Magna
Group is widely recognized as a global leader in small and
lower-middle market structured finance and continues to expand and
broaden its strategic focus. In addition to its core activities in
structured finance, the firm either solely owns or is a partner in
private equity and venture entities that invest and operate in
Entertainment, Legal Finance, Aviation and Hospitality. Please
visit www.magnagroupcapital.com for more information.
Certain statements included in this press release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements relate to, among other things, plans and timing for the
introduction or enhancement of our services and products,
statements about future market conditions, supply and demand
conditions, and other expectations, intentions and plans contained
in this press release that are not historical fact and involve
risks and uncertainties. Our expectations regarding future revenues
depend upon our ability to develop and supply products and services
that meet defined specifications. When used in this press release,
the words "plan," "expect," "believe," and similar expressions
generally identify forward-looking statements. These statements
reflect our current expectations.
Contact: Gross Capital, Inc. Barry Gross (361) 949-4999
IR@sanwire.net
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