ALBUQUERQUE, N.M., Sept. 10, 2008 (GLOBE NEWSWIRE) -- Gridline Communications Holdings Inc., a Delaware C Corporation, is pleased to announce that it has completed its Series G1 Preferred Securities Funding in the amount of $200 million with Voobon Ventures, Inc., an Atlanta, Georgia based Private Equity fund in association with Certified Capital Group LLC. of Orlando, Florida. The funds are to be disbursed over a period of 12 to 18 months and used for intellectual properties development, broadband network deployments, targeted acquisitions, and international expansion. While the specific terms of the Investment were not disclosed, the initial draw of $20,000,000 will be used for pending projects, acquisitions, and general operating funds.
Gridline President Terry Dillon stated, "While it has been a long, sometimes trying process from start to where we are today, Voobon has been able to accomplish a very difficult task, during a turbulent fiscal period, in bringing forth a fully allocated funding package in a single placement. The vision of Gridline has remained consistent with our progress. Our relationship with Voobon and the completion of the funding effort positions us to proceed with full execution of our business plan and the opportunities we have before us. The consistent support of our shareholders and benefactors is the inspiration that has bonded us together as we begin new deployment. My gratitude to our entire team goes beyond words as we venture towards creating a leadership role in the Broadband Communications industry."
"The Gridline project has been one of the most exciting investments we have put together for our fund in quite some time. Even during uncertain economic times, and international tensions, the Gridline Executive team's vision, steadfastness, market focus, ability to secure projects and their grasp of the business and varied technologies available have assured us, and our investors, that we are backing a winner. Through the efforts of Terry and his team, Voobon was able to keep our investors excited and enthusiastic about the Gridline project amid the uncertainties of the international communications industry," said Mark Shariar, President and Managing Director of Voobon Ventures.
John Lord, EVP of Certified Capital Group, added, "Companies are people. If the people don't inspire then no matter how good it looks, it can't be sold. When we first met with Gridline, it was obvious that Terry Dillon and his team not only knew their business, but also Dillon had a unique ability to identify and explain the future of the industry and then demonstrate how to take advantage of it. The Gridline project will solve difficult communications issues and benefit man-kind both in the USA and globally. While not an easy task, it was one we took with high expectations and went much further that we would normally have done because Terry Dillon and Gridline Communications made believers out of us."
About Gridline Communications Holdings, Inc.
Gridline Communications Holdings, Inc. is a U.S. based corporation focused on Broadband Communications network deployment using proven Broadband over Power Line (BPL) and other appropriate communications technologies, coupled with proprietary Intellectual Properties, to provide high speed Broadband connectivity and a variety of market driven applications such as VoIP telephony, security, streaming video, telemedicine, and long distance learning. Additional information may be found by visiting its website at www.gridlinecommunications.com.
About Voobon Ventures, Inc.
Voobon Ventures, Inc., headquartered in Atlanta, Georgia with offices in New York and London, is a closely held private equity fund management group. Its investment clients have selected Voobon based upon consistent sound returns and the privacy offered through the fund. Voobon is actively engaged in both short and long term investments with its long term primarily focused in leading edge companies in the communications and technology sectors, large commercial real estate projects, manufacturing, entertainment and media businesses. Additional information may be found by visiting its website at www.Voobonventures.com.
About Certified Capital Group, Llc.
Certified Capital Group, Llc., Orlando, Florida, is a Private Equity Venture Capital company with a history of direct equity investments into early and mid stage companies in a variety of industries. Certified Capital Group offers its clients additional services which include expertise with initial due diligence and preparation of materials required for a successful fund raising event. On large capitalization projects Certified Capital Group may choose to co-invest with its equity partner(s). Contact Certified Capital Group at certified@worldramp.net
Forward-Looking Statements:
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the Company and its subsidiaries. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by the Company may differ materially from these statements due to a number of factors. Any forward-looking statements speak only as of the date made. Statements made in this document that are not purely historical are forward-looking statements, including any statements as to beliefs, plans, expectations, or intentions regarding the future. Risk factors that may cause results to differ from projections include, without limitation, loss of suppliers, loss of customers, inadequate capital, competition, loss of key executives, declining prices, and other economic factors. The Company assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before making investment decisions.