BOCA RATON, FL -- (Marketwired) -- 02/14/14 -- CTX Virtual Technologies, Inc. (OTC Pink: CTXV), a technology company that manufactures and distributes mobile telecommunication and virtual imaging devices, touch screens and tablets, announced that it has entered into a negotiation to secure up to an additional $50 million in debt financing, from a US-based institutional investor.
Upon successful closing, which is expected to be in March 2014, the company plans to use the funds for capacity expansion for new orders, product development, strategic acquisitions, debt repayment and other corporate expenditures. The funding is subject to further due diligence and entering into of a definitive agreement, which would include customary closing conditions, including but not limited to respective board approvals. There can be no assurance that The Company will be successful in closing the financing in the time frame anticipated or at all.
Clifford Rhee, CEO, stated, "In step with our continued growth in revenues and new contracts, we welcome additional growth capital to accomplish the company's long-term objectives. We have recently completed the initial stage of capacity expansion and will continue to expand our capacity that is needed to accommodate our growing customer demand and backlog of orders."
Forward-Looking Statement Disclaimer
The statements made in this release may contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, should be considered as forward-looking statements. Such statements are based on knowledge of the environment in which the Company currently operates, but because of risks and uncertainties, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that may cause actual results to differ from anticipated results include, our ability to obtain orders and fill orders on a timely basis, our ability to obtain funding as and when needed, market acceptance of new products incorporating our technologies, the success of our product design and research and development efforts, intense competition, risks of doing business in China and other foreign markets, our ability to manage growth and our ability to successfully protect and enforce our intellectual property rights