ALPHARETTA, Ga., Feb. 27, 2012 /PRNewswire/ -- F3
Technologies, Inc. (Pinksheets: FTCH.PK) is pleased to tell its
valued shareholders that it has received a signed term sheet for
$2 million in non-equity based
funding from a private financier.
"After several weeks of intense negotiations the company is
pleased to have received this very favorable term sheet for
$2 million," commented Frank Connor, F3 Technologies' chief executive
officer. "That this funding requires no issuance of stock and no
issuance of a percentage of the company is a win win for the
shareholders."
Connor continued, "This funding will hasten the current
subscriber base development activities of FargoTube(TM),
FargoTunes(TM), and Interactive Defense(TM), as well as the
identification of potential acquisition targets to further
accelerate our business plan."
"Upon execution of the financing agreement proper, the first
tranche is expected to be deposited in March of this year. F3 is
now finalizing details of the financing and expects to soon execute
the agreement," Connor concluded.
F3 Technologies seeks to update its shareholders on a more
regular basis over the next few weeks as certain events unfold.
ABOUT F3 TECHNOLOGIES, INC. (www.f3technologies.com)
F3 Technologies is a software innovator that creates specialized
social networks for groups ranging from homeowners associations to
music fans. Its products include Interaction Community Systems™, an
online tool for homeowners associations and other member groups;
Interactive Defense System™, for police and other municipal
departments; and Website Tournament, a transparent and competitive
marketplace for site design.
Comments are based on current management expectations, and
are considered "forward-looking statements," generally preceded by
words such as "plans," "expects," "believes," "anticipates," or
"intends." We cannot promise future returns. Our statements reflect
our best judgment at the time they are issued, and we disclaim any
obligation to update forward-looking statements as the result of
new information or future events. We urge investors to review the
risks and uncertainties within its filings with the OTC Markets
and/or Securities and Exchange Commission.
Contact:
James Canouse
770-521-2194
SOURCE F3 Technologies, Inc.