Business Services Industry
WinSonic Digital Media Group, Ltd. Closes Private Placement
Business Wire, Jan 6, 2005
ATLANTA -- WinSonic Digital Media Group, Ltd. (OTCBB: WDMG) (www.winsonic.net) announced the successful completion of a private placement raising in excess of $800,000. The offering consisted of 6% convertible promissory notes due March 30, 2005 and common stock purchase warrants exercisable at $.70 per share. Proceeds from the placement are to be used for lighting the network, regulatory filings, and laying the foundation for significant revenue growth. Winston Johnson, chairman and chief executive of WinSonic, commented, "Recent developments in the industry confirm WinSonic is strategically positioned at the cutting edge of advancement in the digital transport industry."
WinSonic concentrates on carrier-class solutions that bring together world-class facilities along with media and entertainment services to its customers without requiring substantial capital investments. WinSonic has built a successful long-term business model that incorporates excellent technical support and service levels. This offers outstanding network resilience and sustainable growth for its infrastructure and customer base. This business model provides multiple revenue streams enabling WinSonic to fully realize its expansion position and profit potential. The result is one of the most comprehensive, cost-effective product portfolios in the industry -- one which holds a reputation as an established and respected facilities-based media and entertainment distribution service and application network provider.
Proceeds from this placement will provide the necessary resources for initiating the Public Utility Commission, Securities and Exchange Commission, and Federal Communications Commission regulatory filings for WinSonic Digital Media Group, Ltd. "Funding derived from this placement is, in effect, a springboard leading to increased cash flow and exploitation of growth opportunities," said Johnson.
About WinSonic Digital Media Group
WinSonic Digital Media Group, Ltd., formerly known as Media and Entertainment.com Inc., is a facilities-based media distribution solutions company with a distinctive video transport concept that enables users to view, interact, and listen to all types of audio, online video, and digital TV, in full-screen format, at high speeds, superb quality, and greatly reduced costs, while reducing the need for expensive high-speed connections.
Statements in this press release are certain statements which are not historical or current fact and constitute "forward-looking statements" within the meaning of such term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual financial or operating results of the company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements are based on our best estimates of future results, performance or achievements, based on current conditions and the most recent results of the company. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "may," "will," "potential," "opportunity," "believes," "belief," "expects," "intends," "estimates," "anticipates" or "plans" to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company's reports and registration statements filed with the Securities and Exchange Commission. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and there can be no assurance that the actual results anticipated by the company will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the company or its business or operations.
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