وهذة اخبارها MANASSAS, Va.--(BUSINESS WIRE)--Dec. 6, 2002--Pacel Corp.
(OTCBB
![Stick Out Tongue :p :p](/community/styles/default/xenforo/smilies_vb/tongue.png)
CEL) announced today it has received a funding commitment from
two private investors in separate transactions, providing an agreement
to purchase up to $10 million of PCEL stock over a two year period.
The funding is subject to various conditions and terms, including
stock market conditions as to the price and volume of PCEL stock, and
the required effectiveness of a future registration statement for the
future sale of the shares. The Company expects to file a registration
statement with the SEC shortly in connection with the financing.
The main proceeds from the financing are intended to be used to
continue the pursuit of all phases of the Pacel regional PEO roll-up
strategy. The Company anticipates it will accelerate its acquisition
activities immediately following the start of the funding.
"Today marks a major advancement in years of hard work and
patience on the part of our shareholders and employees," said David
Calkins, Pacel CEO. "We have worked tirelessly to attain the financial
resources to pursue this opportunity. We are a major step closer to
capitalizing on these compelling opportunities and believe our
shareholders, employees and customers will realize the benefit from
this advancement and growth."
Certain statements in this news release may contain
forward-looking information within the meaning of Rule 175 under the
Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act
of 1934, and are subject to the safe harbor created by those rules.
All statements, other than statements of fact, included in this
release, including, without limitation, statements regarding potential
future plans and objectives of the company, are forward-looking
statements that involve risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements.