Founder & CEO Secures 10 Million In Financing
Penny Auction Solutions, Inc. (PAS) is pleased to announce that it has signed an investment agreement with Kodiak Capital Group, LLC of New York City (Kodiak) for a $10 million equity line of credit.
Sep 16, 2010, 06:18 ET from Penny Auction Solutions, Inc.
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SAN DIEGO, Sept. 16 /PRNewswire/ — PAS plans to use the funding to establish operations and begin offering services in early 2011. Their strategic approach is tailored to capitalize on the online Penny Auction entertainment-shopping arena. One key advantage is their ability to penetrate the global marketplace with the top 291 Internet domains and .mobi’s.
PAS is preparing an S-1 Registration Statement with the SEC and anticipates making an announcement of being a publicly traded company in the Fall of 2010. Once the Registration Statement is approved by the SEC, PAS will be entitled to draw funds from the equity line of credit.
President and CEO of Penny Auction Solutions, Inc., Corey Parks, states: “We are pleased to have secured the $10 million in financing from Kodiak which will enable us to become a dominant participant in the global Penny Auction marketplace. Once our registration statement is approved, PAS will have access to the funds which can be used to capture a sizable share of the largely untapped global penny auction market.”
Also, Kodiak will be issued 1,000,000 shares for taking PAS into consideration for the equity line of credit. Charles DeVerna, Kodiak Director of Business Development, stated: “We are excited to partner with PAS and provide funding for the company. The facility provides management with inexpensive and flexible access to capital when and as needed to carry out operations and fuel their rapid global expansion.”
PAS COO, Micheal Holt, added: “This agreement will provide us with the necessary funds to operate a world-class operation and offer our services on a very competitive basis. It also allows us to employ new technologies in the marketplace which will enhance our members’ experiences and set us apart from our competitors.”
About Kodiak Capital Group, LLC
Kodiak Capital Group, LLC is engaged in assisting growth companies in all facets of their long-term strategy by providing capital and progressive business solutions. Kodiak manages a portfolio of investments in public and private equities. Founded in 2009, Kodiak has transacted in excess of $400 million in financing for companies across a multitude of industries, including biotechnology, business services, consumer products, defense, healthcare, Internet, manufacturing, medical devices, natural resources, oil and gas, renewable energy and wireless communications. Headquartered in New York City, Kodiak has assisted companies throughout North America, China and Australia.
About Penny Auction Solutions, Inc.
PAS is an online Penny Auction company that is well-positioned to capitalize on the strong consumer demand for users to bid on high end retail items at a fraction of their cost while providing a fun and exciting experience. What this revolutionary model offers is huge savings. Users typically save an average of 78% off retail prices on penny auctions. Unlike traditional online auction websites, players truly get great deals such as new laptops and flat screen TV’s for $40 or even new cars for only $800. The combination of its top keyword domains and early penetration into these markets will give PAS the opportunity to be branded as the first choice in shopping-auction entertainment around the globe.
For more information, please contact:
Penny Auction Solutions, Inc.
Mr. Corey Park, President & CEO