CALGARY, Alberta, Sept. 12, 2005 (PRIMEZONE) -- miNetwork Group Inc. (Pink Sheets:MWKG) is pleased to announce that it has received a $250,000.00 equity funding commitment from Los Angeles based, Fusion Fund I, LLC, a closed end fund co-managed by Ascot Investments, Inc. (www.ascotinc.com).
Under the terms of this agreement, Fusion is acquiring 9,375,000 shares of newly issued 144 common stock of the Company. These shares will carry Demand Registration Rights for a period of two years. The funds will be used by the Company as expansion capital and to fund inventory costs for the fourth quarter.
Commenting on the agreement, Dan Pacholik, miNetworks Chief Executive stated, "We are delighted by the continued commitment of our shareholders and investment partners. This agreement brings us a dramatic step closer to executing our business plan. We look forward to announcing new fourth quarter contractual roll outs for the miOffice suite of products. Over the coming weeks we will be clarifying to the investment public, our fourth quarter revenue guidance, acquisition model, capital structure model and the solidification of our Board of Directors, Advisory Board and our regulatory compliance committees."
About miNetwork Group Inc.
miNetwork Group Inc. is an Internet based marketing and distribution company focused on the migration of real world Internet products and services from a fixed location service to the wireless devices and access points now being deployed globally.
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.