SpeechSwitch, Inc. (USOTC: SSWC) Procures Funding for Its GREENSMART(TM) Stores and Other Operations
August 09 2010 - 1:00PM
Marketwired
Ken Glynn, President of SpeechSwitch, Inc. (PINKSHEETS: SSWC),
announced today that the Company has borrowed $500,000.00 to invest
in business development, sales and retail stores. The Company and
the lender, E-Lionheart Associates, LLC, signed a Convertible
Debenture with extremely favorable terms. The interest rate is 5%
per annum, the term is one year, no stock conversion may be
transacted until after August 9, 2011, and the conversion formula
is 90% of the lowest closing trade of five previous days.
E-Lionheart also contracted with Yorkville/YA Global (formerly
Cornell) to purchase 100% of the SpeechSwitch/Cornell debt that was
created almost five years ago. E-Lionheart made these supportive,
favorable agreements on the basis of SpeechSwitch's broad-based
stock support (volume and growth) and on their vision of
SpeechSwitch's success through the end of 2011.
Information set forth in this press release contains various
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. The Private Securities Litigation reform Act
of 1995 (the "Act") provides certain "safe harbor" provisions for
forward-looking statements. The reader is cautioned that such
forward-looking statements are based on information available at
the time and/or management's good faith belief with respect to
future events, and are subject to risks and uncertainties that
could cause actual performance or results to differ materially from
those expressed statements. Forward-looking statements speak only
as of the date the statement was made. We assume no obligation to
update forward-looking information to reflect actual results,
changes in assumptions or changes in other factors affecting
forward-looking information. Forward-looking statements are
typically identified by the use of terms such as "anticipate,"
"believe," "could," "estimate," "expect," "intend," "may," "might,"
"plan," "predict," "project," "should," "will," and similar words,
although some forward-looking statements are expressed differently.
Although we believe that the expectations reflected in such
forward-looking statements are reasonable, we can give no assurance
that such expectations will prove to be correct.
Contact: Ken Glynn 908 788 0077