MerchantOnline, a digital payment products and services provider, announced that it has received a $2 million financing commitment from a group of current MerchantOnline investors. These investors have agreed to purchase units of restricted convertible preferred stock and warrants. The first closing occurred today. This commitment supersedes all prior financing agreements or commitments.
“We look forward to proceeding with our revised business plan with renewed enthusiasm as we complete our restructuring. Our new management appreciates this vote of confidence during this time of significant market uncertainty,” said Jim Degracia, MerchantOnline CEO.
Founded in December 1997, MerchantOnline provides a secure transaction network that enables businesses and consumers to use one payment system for both their real world and virtual world needs utilizing credit card, ATM/debit cards, stored value cards, electronic cash and other payment technologies. Except for historical matters, the matters in this press release are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements reflect assumptions and involve risks and uncertainties which might affect the Company’s business and prospects and cause actual results to differ materially from these forward-looking statements. Investors are cautioned that all forward-looking statements involve risk and uncertainties, including those risk and uncertainties detailed in the Company’s Annual Report on Form 10-KSB for the year ended October 31, 2000 filed with the SEC.Details