ATLANTA, July 11, 2011 /PRNewswire/ -- East Coast
Diversified Corporation (OTC.BB:ECDC), through its subsidiary
EarthSearch Communications, Inc., announced today that it has
secured a ten million dollar equity
line of credit with Southridge Partners II LP and plans to
accelerate the execution of its business plans.
The agreement allows EarthSearch to do a draw down on the equity
line on an as-need basis by issuing shares of its common stock. The
Company filed a form 8K with the Securities and Exchange Commission
on July 8.
"This was a significant step forward for our business,"
commented Kayode Aladesuyi, CEO, ECDC. "We can now aggressively
execute our business plan. All the pieces are now in place, a
global distributor network spanning five continents and more than
15 countries and still growing, and our technology is without any
doubt the most advanced supply chain solution on the market,
utilizing the world's first wireless communication between GPS and
RFID."
EarthSearch is currently negotiating a number of Master
licensing agreements in Chinese and US markets, and access to
capital will allow the company to increase manufacturing capacity,
extend purchasing terms to our distributors and partners, and
provide advanced project design support that will accelerate
successes for our partners in their local market. "We are quite
pleased with the funding opportunity now in place," said Kayode
Aladesuyi, CEO of East Coast Diversified Corporation.
About EarthSearch Communications
EarthSearch Communications, an ECDC Company (OTC.BB:ECDC -
News), is a US-based business whose flagship product, LogiBoxx(TM),
integrates GPS and RFID at the hardware level. When combined with
its proprietary Global Asset Tracking and Identification System
(GATIS) middleware, LogiBoxx and GATIS become the centerpieces of a
LogiBoxx Certified Solution. An unprecedented business
decision-making tool, a LogiBoxx Certified Solution offers
continuous visibility within the Supply Chain, Logistics, and Asset
Management and Control industries. Along with its integrated,
patent-pending GPS and RFID technologies, EarthSearch also offers a
complete line of innovative RFID solutions. Its expertise with GPS
and RFID technologies, combined with exceptional support and
service facilities, distinguishes EarthSearch as a leading
manufacturer and supplier of real-time location solutions in the
marketplace. For more information on East Coast Diversified, visit
www.eastcoastdiversified.com or www.earthsearch.us
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995: The statements contained in this release which
are not historical facts are forward-looking statements that are
subject to risks and uncertainties that could cause actual results
to differ materially from those set forth in or implied by
forward-looking statements. These risks and uncertainties include
the Company's entry into new commercial businesses, the risk of
obtaining financing, recruiting and retaining qualified personnel,
and other risks described in the Company's Securities and Exchange
Commission filings. The forward-looking statements in this press
release speak only as of the date hereof, and the Company disclaims
any obligation to provide updates, revisions or amendments to any
forward-looking statement to reflect changes in the Company's
expectations or future events.
Editorial Contacts
Glenn Davis
EarthSearch Communications, an ECDC Company
+1 770-953-4184
866-503-9316
investorrelations@earthsearch.us
SOURCE East Coast Diversified Corporation