VillageEDOCS Secures Additional Financing
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SANTA ANA, CA, May 11 (MARKET WIRE) --
VillageEDOCS, Inc. (OTCBB: VEDO), a Solution as a Service company, which
is the largest segment of the Software as a Service (SaaS) market, today
announced that it secured additional financing from a large shareholder
for $430,000 in the form of an unsecured promissory note (the "Note").
The term of the Note is thirty-six (36) months, with monthly installments
commencing on August 1, 2009 at a per annum interest rate equal to the
most favorable private banking rate available to the shareholder plus two
percent (2%). VillageEDOCS used the proceeds of the Note to retire a line
of credit with a financial institution. The terms of the Note were deemed
more favorable to the Company than the renewal terms offered by the
financial institution.
"The commitment that our shareholder has shown to VillageEDOCS is
exceptional and illustrates his conviction in our strategy and growth
opportunities," stated Mason Conner, Chief Executive Officer of
VillageEDOCS. "We remain focused on building our business through new
business opportunities and by cross-selling our complete platform to
existing clients. The SaaS market continues to grow, especially as
companies are looking to reduce their capital expenditures and operating
costs. We believe VillageEDOCS is well-positioned to capitalize on the
market potential with our MessageVision Platform and the flexibility it
provides to our customers."
About VillageEDOCS, Inc.
VillageEDOCS (VEDO) provides the MessageVision Platform (MVP). The
MessageVision Platform is a SaaS offering that ships business information
electronically and manages it by capturing, forming and delivering
information using business process management and communication. MVP is a
combination of unified communications and business process management
solutions blended into a single, unified, scalable platform; eliminating
the need for capital expenditures, operational costs and broad technology
risks. MVP provides a single source for a wide range of business
information management and communication applications on a pay-as-you-go
financial model. For further information on VillageEDOCS, visit our
website at www.villageedocs.com.
Forward-Looking Statements
This press release, together with other statements and information
publicly disseminated by the Company, contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. The Company intends such forward-looking statements to be
covered by the safe harbor provisions for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements, which are based on certain assumptions and
describe the Company's future plans, strategies and expectations, are
generally identifiable by use of the words "believe," "expect," "intend,"
"anticipate," "estimate," "project" or similar expressions. You should not
rely on forward-looking statements since they involve known and unknown
risks, uncertainties and other factors that are, in some cases, beyond the
Company's control and which could materially affect actual results,
performances or achievements. Factors that may cause actual results to
differ materially from current expectations include the risk factors
discussed in the Company's filings with the Securities and Exchange
Commission. Except as otherwise required by the federal securities laws,
the Company disclaims any obligation or undertaking to publicly release
any updates or revisions to any forward-looking statement contained
herein (or elsewhere) to reflect any change in the Company's expectations
with regard thereto or any change in events, conditions or circumstances
on which any such statement is based. Trading in the Company's common
stock is limited, and marketability of the stock is restricted by penny
stock regulations and the fact that the common stock is traded on the
OTCBB. The Company does not presently qualify, and may never qualify, to
be listed or quoted on any exchange or other market.
Contacts:
Aubrye Harris-Foote
Director, Investor Relations
VillageEDOCS
714-368-8754
aharris@villageedocs.com
Copyright 2009, Market Wire, All rights reserved.
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