Pursuant to the terms of the funding agreement and upon an effective registration statement, Cyco.net has secured a firm commitment for up to $20,000,000 from Cornell to purchase shares of the company's common stock. This commitment is not contingent upon a price times volume matrix and there are no mandatory draw downs or nonwithdrawal fees. Cyco.net has the right but not the obligation to utilize the Standby Equity Distribution Agreement from Cornell.
Hamid Fashandi, vice president, corporate finance, Cornell Capital Partners, LP, stated, "We are excited for the opportunity to support Cyco.net in its quest to deliver the ComSecure and SatSecure products to market."
"We are pleased with our agreements with Cornell Capital on terms that are favorable to both companies. We believe that the financing commitment with Cornell Capital will help achieve our long-term strategic and financial goals," said Richard Urrea, president, Cyco.net Inc.
About Cyco.net Inc.
Cyco.net Inc., through its wholly owned subsidiary, Orion Security Services Inc., provides secure computer network and management solutions and video surveillance systems via satellite communications.
For more information on Cyco.net Inc., please visit them on the Web at www.cyco.net.
About Cornell Capital Partners, LP
Cornell Capital Partners is a New Jersey-based domestic investment fund that makes direct investments in small to mid-sized publicly traded companies in emerging markets. We use a variety of funding techniques tailor-made to each company's financial need. To learn more about Cornell Capital Partners, visit us on the Web at http://www.cornellcapital.com.