| Epixtar
Raises $7.5 Million New Financing
Monday, May 24, 2004 - 10:33 am ET
Philippine Call Center Development on Track
MIAMI - (BUSINESS WIRE) - May 24, 2004 - Epixtar Corporation
(OTCBB:EPXR - News) today announced that it has acquired $7.5
million in new financing through its placement agent, Maxim
Group, LLC. -- a New York-based investment bank. Sands Brothers
& Co. Ltd. acted as a selected dealer.
Laurus Master Fund, Ltd. ("Laurus Funds") provided
up to $5 million of financing to Epixtar pursuant to a secured
convertible term note. Laurus imposed certain conditions related
to use of the proceeds by the Company and also received a
number of warrants included in the financing. Laurus Funds
is a New York-based institutional investment fund that specializes
in providing financing to growing, small and micro-capitalization
companies.
The remaining $2.5 million was raised through the sale of
convertible notes. The note holders also received warrants
to purchase common stock of the Company.
"Naturally, we are pleased to receive this financing,"
said Epixtar's chief executive David Srour. "The capital
it provides gives Epixtar additional resources to develop
our facilities in the Philippines and demonstrates that the
Company can secure institutional investment from very selective
and credible sources."
The Company stated it would soon file a form 8k with the
United States Securities and Exchange Commission disclosing
complete details of the transaction.
About Epixtar
Epixtar Corp. is the parent company of Epixtar International
Contact Center Group, Ltd (EICCG), Epixtar Communications
Corp. (ECC) and the NOL Group, Inc. (NOL). ECC is a wholesale
telecommunications provider. NOL provides Internet services
to small and medium sized businesses. EICCG, Epixtar's most
active subsidiary, is a business process outsourcing (BPO)
company -- aggregating contact center capacity and robust
telephony infrastructure to deliver comprehensive, turnkey
services to the enterprise market. From campaign design through
ongoing management, Epixtar delivers value-driven, creative
outsourcing solutions for the customer relationship management
(CRM) and telesales initiatives of third-party companies.
Companies use Epixtar's marketing expertise and well-trained
personnel to acquire, support, and enhance the customer experience,
reduce costs and generate top-line revenue. Epixtar's corporate
headquarters is in Miami and it currently operates two contact
centers in Manila, Philippines, is developing a call center
in Dumaguete, Philippines, and plans to expand to additional
sites over the next 24 months.
Forward-looking Statements
This Press Release may contain "forward-looking statements,"
regarding EPIXTAR'S business, customers, partners, future
products and services, estimates of future business prospects
or financial results, statements regarding EPIXTAR'S objectives,
expectations, intentions, beliefs or strategies, or statements
containing words such as "believe," "project,"
"expect," "intend," "may," "anticipate,"
"plans," "seeks," or similar expressions.
It is important to note that EPIXTAR'S actual results could
differ materially from those in such forward-looking statements,
and undue reliance should not be placed on such statements.
Among the important factors that could cause such actual results
to differ materially are (i) the timing of significant orders
for EPIXTAR'S products and services, (ii) variations in the
terms and the elements of services offered under EPIXTAR'S
standardized contract for future service offerings, (iii)
changes in applicable accounting principles, (iv) difficulties
or delays in implementing EPIXTAR'S service offerings, (v)
failure to achieve sales, marketing and other objectives,
(vi) construction delays of new call centers, (vii) delays
in EPIXTAR'S ability to develop new products and services
and market acceptance of new products and services, (viii)
rapid technological change, (ix) loss of significant customers,
(x) risks inherent in conducting business abroad, (xi) currency
fluctuations, (xii) fluctuations in business conditions and
the economy, (xiii) EPIXTAR'S ability to attract and retain
key management personnel, (xiv) the marketplace's continued
acceptance of EPIXTAR'S service offerings, (xv) EPIXTAR'S
ability to continue the growth of its support service revenues
through additional technical and customer service centers,
(xvi) EPIXTAR'S ability to further penetrate into vertically
integrated markets, (xvii) EPIXTAR'S ability to expand its
global presence through strategic alliances and selective
acquisitions, (xviii) EPIXTAR'S ability to continue to establish
a competitive advantage through sophisticated technological
capabilities, (xix) the ultimate outcome of certain regulatory
actions, (xx) EPIXTAR'S ability to recognize deferred revenue
through delivery of products or satisfactory performance of
services; and (xxi) EPIXTAR'S continued ability to attract
and obtain adequate financing (xxii) other risk factors listed
from time to time in EPIXTAR'S registration statements and
reports as filed with the Securities and Exchange Commission.
All forward-looking statements which may be contained in this
Press Release are made as of the date that such statements
are originally published or made, and EPIXTAR undertakes no
obligation to update any such forward-looking statements.
For those statements, we claim the protection of the safe
harbor for forward-looking statements contained in Section
27A of the Securities Act, Section 21E of the Exchange Act,
and the Private Securities Litigation Reform Act of 1995.
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Contact:
Epixtar Corporation, Miami
Harry B. Fozzard
hfozzard@epixtar.com
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Source: Epixtar Corporation
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