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Incode Executes Agreements for $10 Million in New Financing
Wednesday June 15, 10:39 am ET
Company Restructures Convertible Debentures Relating to Former Operations
MOUNT ARLINGTON, N.J., June 15 /PRNewswire-FirstCall/ -- Incode Technologies Corporation (the "Company") (OTC Bulletin Board: ICDT - News) today announced the restructuring of its various convertible debentures totalling approximately $800,000 and its execution of agreements with Cornell Capital Partners for $10 million in equity financing under a Standby Equity Distribution Agreement ("SEDA").
The restructured debentures relate to the Company's former operations. The Company expects that the restructuring will facilitate the Company's intended future refinancing of its equity-based convertible debentures with standard conventional credit in line with its intended acquisition of companies that strengthen the Incode's balance sheet.
Additionally, under the SEDA agreements, Cornell has committed to provide the Company with up to $10 million in equity financing to be drawn down over the term of the agreements at the Company's discretion. The Company may use the funds as it sees fit once a registration statement is filed by the Company and declared effective by the Securities and Exchange Commission ("SEC").
"We view Cornell's SEDA structure as an innovative, flexible and extremely effective means of managing Incode's cost of capital as we help Incode target and complete acquisitions that are accretive to earnings and strengthen its balance sheet," said Kevin Kreisler, chairman of the Company and the chairman and chief executive officer of GreenShift Corporation (OTC Bulletin Board: GSHF - News), a business development company that owns a 70% stake in the Company.
"The key to the SEDA structure is performance -- Incode has to execute in order for it to optimally manage its cost of capital in a manner that maximizes shareholder value," said Kreisler. "It is critical for Incode to deliver on its acquisition and technology development plans, and we have every intention of succeeding."