Roomlinx Announces Closing of $2.5 Million Equity Financing
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DENVER, CO, Aug 05 (MARKET WIRE) --
Roomlinx, Inc. (PINKSHEETS: RMLX), the hospitality in-room expert
providing Internet-based Media, Entertainment & Business solutions, today
announced the closing of a $2.5 million equity financing. The Investors
purchased Convertible Preferred Shares, which are convertible at $.025,
and received warrants to purchase additional shares. The Convertible
Preferred Shares automatically will convert to Common Shares once the
company is current on its SEC filings and has sufficient shares of Common
Stock available for issuance.
Funds will be used primarily to increase Roomlinx' footprint of its
interactive, in-room Media, Entertainment & Business solution within the
hospitality, resort, and timeshare industries. In July, Roomlinx filed its
Form 10-KSB for the fiscal year ended December 31, 2006 with the
Securities Exchange Commission on the SEC EDGAR online site. This filing
represents the completion of a significant milestone by the Company
toward its commitment to bringing all SEC filings current.
"This investment substantiates what we have been hearing from experts in
the hospitality technology arena namely, that Roomlinx offers the
technology of the future. It's an evolutionary system that reinvents
itself based on market and demographic demands. More importantly, we have
a tremendous opportunity in front of us to be the leader in this space,"
said Michael Wasik, Roomlinx CEO.
As part of the transaction Roomlinx Chairman Peter Bordes will transition
from the Board of Directors to an advisory role and Herbert Hunt will
resign from the Board. The Company thanks the departing Board members and
welcomes Judson Just, CFA, and Christopher Blisard, as new members of the
Board.
"I am very impressed with the level of knowledge and experience the new
investors and Board members bring to the table," said Bordes. "They have a
proven track record of growing companies and will be able to dedicate more
time than I am able to. I am happy to transition to an advisory role and
will continue to support Roomlinx; there is something very special here."
"I am happy to have served as a Board member since 2001, but also know I
cannot dedicate the time needed to take it to the next level," said Hunt.
"I am happy to hand over the reins to some very dedicated, talented, and
passionate individuals."
The Kessler Collection recently signed a five-year agreement with Roomlinx
to install both its In-Room Media, Entertainment & Business solution and
High-Speed Internet Access application in all new Kessler Collection
hotels moving forward. The Kessler Collection is a portfolio of boutique
four- and five-diamond quality hotels, spas and art galleries located in
Florida, Georgia, Colorado, New Mexico, and Vienna.
Roomlinx also recently entered a five year agreement to provide its Media,
Entertainment, and Business solution to select guestrooms in the Country
Inn & Suites, Merrilville, IN.
For more information on Roomlinx, visit www.roomlinx.com.
About Roomlinx
Roomlinx is the hospitality in-room expert providing in-room Business,
Media and Entertainment solutions designed to increase revenues and brand
loyalty for hotels, resorts, and timeshare properties, utilizing premium
content and applications demanded by today's traveler. For more
information, visit www.roomlinx.com.
Safe Harbor Cautionary Statement
Certain statements in this news release, including statements that we
"believe," "expect," "intend," "plan" or words of similar import, are
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, new products and services 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. This information is qualified in its entirety by
cautionary statements and risk factors disclosure contained in certain of
the Company's Securities and Exchange Commission filings available at
http://www.sec.gov, which you should carefully review. Roomlinx does not
assume any obligation to update or revise any forward-looking statements,
whether as the result of new development or otherwise.
Copyright 2008, Market Wire, All rights reserved.
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