NEW YORK, June 29, 2010 (GLOBE NEWSWIRE) -- TIE Technologies, Inc. (Pink Sheets:TTCS), an information technology, smart logistics, and telemetrics company, today announced it has entered into a definitive agreement with AGS Capital Group, a New York based value fund, to provide investment capital of up to $15 million through a Reserve Equity Financing Facility.
In the Reserve Equity Financing Agreement with New York based AGS Capital Group LLC. www.agscapitalgroup.com , AGS has committed to purchase shares of the Company's common stock for cash consideration up to an aggregate of $15 million after TIE's Form S-1 filing has become effective with the SEC. The Agreement does not prohibit the Company from raising additional debt or equity financings, other than financings similar to this agreement.
"The process of moving TIE to the next level -- both as a growth company and as a publicly traded security -- is significantly enhanced by this new AGS facility," said TIE Technologies Chairman and CEO Edward Andercheck. "The support of the AGS and Gottbetter firms, combined with this facility, will amplify our ability to execute our strategic plan, while providing the working capital to strengthen our sales, engineering and technology driven products."
"We are very excited to be a part of augmenting TIE Technologies' growth; this facility will provide an ability to quickly raise growth capital at a competitive cost," explained AGS Managing Partner Allen Silberstein. "Given TIE's tremendous growth potential and positioning within the marketplace, the facility should allow TIE to fully realize its strategic plans and significantly drive growth."
In accordance with the agreement, TIE has retained the New York Law firm of Gottbetter & Partners, LLP www.gottbetter.com to file a registration statement on Form S-1 with the Securities and Exchange Commission. Following the effectiveness of the registration statement, TIE intends to become fully reporting with the SEC and seek uplifting of its common stock listing.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of any of the securities referred to in this news release in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.
ABOUT TIE TECHNOLOGIES, INC.
TIE Technologies is a science and technology driven systems integration, security, smart logistics and Telemetrics company. TIE's Smart Technology Solutions strive to provide better ways of doing things in every market it touches, from large logistical challenges, down to small business needs and mobile smart phone applications. TIE TeleMetric's Services and Acumen architecture are designed to provide real time actionable intelligence to help secure critical assets. TIE is actively evolving smart solutions and proprietary critical path technologies for the environmental and security needs of government and institutional customers. TIE Technologies is traded on Pink Sheets under the symbol "TTCS." For additional information, please visit www.tietechnologies.com.
ABOUT AGS Capital Group.
AGS Capital Group provides flexible debt and equity financing solutions for growth-stage and mature public companies as well as private companies looking to go public.
With offices in New York, Hong Kong and India, AGS Capital Group has facilitated the growth of companies within the U.S. and those domiciled in foreign markets around the globe.
AGS Capital Group invests in public companies listed on all exchanges. We perform fundamental analysis including credit risk, technical analysis of market trends and industry, evaluation of management team experience and corporate structure evaluation. For additional information, please visit www.agscapitalgroup.com
Safe Harbor Statement
The information in this release, other than historical information, may be considered forward-looking statements within the provisions of the Private Securities Litigation Reform Act of 1995. Projections and other forward-looking statements and management expectations regarding future events and/or financial performance of the Company -- although given in good faith -- are inherently uncertain and actual events and/or results may differ materially.