Get the latest Venture Capital & Angel investors news and info Join Our Mailing List:

Your Name: 

Your Email:  

*By submitting your name & email you agree to receive for FREE our scholarships & offers Newsletters. You agree also with the storage and handling of your data by this website and 3rd party email services.
You may unsubscribe if you wish. And you can delete your email and name at any time by emailing us to the email on the bottom of this page.

Follow us on
  • CirTran Secures $1.5 Million in Financing

    August 31st, 2006 No comments

    CirTran Corporation, a full-service contract manufacturer of IT, consumer and consumer electronics products, announced recently that it has received $1.5 million in financing through a securities purchase agreement with Cornell Capital Partners.

    Iehab J. Hawatmeh, founder and president of CirTran, said the funding agreement was based on a 5% secured debenture, due April 23, 2009. As part of the transaction, he said CirTran paid a commitment fee of $120,000 and a structuring fee of $15,000, with net proceeds to the company of $1,365,000.

    “As CirTran moves forward with our strategic business plan into the fourth quarter and fiscal 2007, we will use these funds for general corporate and working capital,” Mr. Hawatmeh said. “This will include our off-shore manufacturing business, which focuses on the direct response/sold-on-TV marketplace, for our new marketing divisions, which concentrate on that market, and in our core contract technology-based manufacturing business in Salt Lake.”

    Mr. Hawatmeh said that the agreement calls for Cornell, at its option, to convert all or part of the principal amount owed under the Debenture into shares of CirTran common stock at a conversion price equal to the lowest closing bid price for the 20 trading days immediately preceding the conversion date, except as otherwise set forth in the debenture. Cornell, he said, may also convert up to $500,000 worth of the principal amount, plus accrued interest of the Debenture, in any consecutive 30-day period when the price of CirTran stock is $0.03 per share or less at the time of conversion.

    “CirTran is appreciative of the continued support of the private investment community,” said Mr. Hawatmeh. “Cornell has shown faith in CirTran and our strategic plan over years, as evidenced by this debenture which comes due in 2009. Most recently, ANAHOP, another private investor, has made multiple stock purchases and entered into a forward-looking program based on warrants and the future. Our primary goal,” he said, “is to continue to work to reward our shareholders and private investors alike.”

Leave a reply

Please leave these two fields as-is:

Protected by Invisible Defender. Showed 403 to 266,618 bad guys.


Latest Headlines:

Friday August 31, 2012
Zscaler Secures $38 Million Investment Round

Wednesday November 30, 2011
Health Care Solutions companies Infinity Pharmaceutics, NanoVobronix and Selventa raise funds.

Monday November 21, 2011
Panda Power opens $420 Million Fund for Solar and Natural Gas Projects

Thursday November 17, 2011
Better Place raises $200 Million for Electric Cars in the Series C of Funding

Wednesday November 16, 2011
Accel Partners raise $100 Million Big Data Fund to Invest in Hadoop, NoSQL and other Companies

Tuesday November 15, 2011
Skimlinks raises $4.5 Million to help Bloggers Increase their Gains

Monday November 14, 2011
Standing Cloud raises $3 Million to help New Cloud Providers grow Faster

Thursday November 10, 2011
Zillow acquires Diverse Solutions for $7.8 to help Real Estate Agents increase their Visibility


By using this website you agree with our cookie policy