Valencia, California—Wednesday, February 21, 2007—ConectiSys Corporation (OTCBB: CNES), a developer of
automatic meter reading technologies, announced today that it has entered into agreements for convertible debt financing
in the amount of up to $1.35 million. The Company expects that if the full $1.35 million is funded, the net proceeds will
be sufficient for the Company to meet its cash requirements over approximately the next 12 months.
Robert Spigno, the Company’s President and Chief Executive Officer, stated that, “Securing this funding is an important
element of our continued efforts to commercialize, further develop and market our H-Net™ automatic meter reading
products and other technologies, and we believe that this financing will provide the necessary funds for these efforts over
the coming year.”
The Company’s convertible debt financing agreements contemplate an initial installment of $250,000, which amount has
been received by the Company and eleven equal additional monthly installments in the amount of $100,000 each for
aggregate gross proceeds to the Company of $1.35 million. The subsequent monthly installments contemplated by the
Company or a majority-
convertible debt financing agreements are terminable upon 30-days’ advance notice by either the
in-interest of the lenders. |
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