Mobile Reach, a product and services company focused around mobility, has closed a combination of equity private placements of over $1 million.
These funds, raised between August and December of 2003, will be used primarily to ramp up the company’s sales and marketing efforts and to finance the ongoing operations of the business, it says.
Under the terms of the financing, Mobile Reach intends to file a registration statement with the SEC to qualify the resale of the common stock issued in the private placement.
“We are pleased to have improved our balance sheet with an infusion of capital,” says Mobile Reach CEO Michael Hewitt. “This gives Mobile Reach the extra capital needed to execute against its sales and marketing efforts for the fiscal 2004. The ability to secure this financing further demonstrates the confidence of investors in our business model and our products.”
In conjunction with the financing, Mobile Reach says it will be looking to enter several new markets, including Florida, Michigan and New York City.
Mobile Reach: www.mobilereach.com