MONARCH BAY, Calif., April 2, 2012 /PRNewswire/ -- Microelectronics Technology Co. (OTC-BB: MELY.PK – News):
Microelectronics Technology Corporation previously announced the completion of negotiations of an initial round of convertible preferred financing in the amount of $240,000.00 by an arms length private Small Cap Venture fund.
The Company is pleased to announce the terms of the financing have been enhanced to provide the company with commitment to invest $2,500,000.00 during the next 3 quarters of 2012. The financing will be available to the company in tranches of $500,000.00 based upon completion of certain milestones by the company concerning network development and customer acquisition.
This will bring a total of Convertible preferred financing commitment to $2,740,000.00. The Company will receive the first tranche of funding under the terms of the agreement this financial quarter.
The proceeds of the initial round of financing are to provide equipment acquisition, servers, software development and general working capital.
The company is at the stage in its development where the application of additional funds will provide for the rapid deployment of addition equipment required to complete the alpha testing of the Sproq Web Application Hosting Module Programming.
Upon successful alpha test completion, the next phase of development will be to establish a commercial co-location facility with the bandwidth, security and reliability required to meet the scalability of the Sproq Node modules.
Sproq next generation cloud application hosting customers will be able to start with a single sproqet. As they need to scale up they will be able to purchase additional sproqets.
Sproq.com service is currently under development, with developmental servers and hardware already deployed. Sproq.com is scheduled for launch second quarter 2012 and Cloud Data Corp is planning for the first point of presence in Seattle, Washington.
A pre-beta launch sign up is available at www.sproq.com where invites will be sent out for our beta.
For further Information:
Microelectronics Technology Co.
Mr. Brett Everett
1 866 587 2860
This news release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey Company progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the Company at this time, actual results may differ materially and are subject to risk and uncertainties. Factors that may cause actual results to differ include without limitation: dependence on key personnel and suppliers; MELY's ability to commercialize its technology; ability to defend intellectual property; material and component costs; competition; economic conditions; consumer demand and product acceptance, and availability of growth capital.
Additional considerations and risk factors are set forth in reports filed on Form 8-K and 10-K with the SEC and other filings. Readers are cautioned not to place undue reliance upon these forward-looking statements; historical information is not an indicator of future performance. The Company undertakes no obligation to update publicly any forward-looking statements.
SOURCE Microelectronics Technology Corporation