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Cloud Centric Systems, Inc. Signs $1m Term Sheet for Investment(January 04, 2011)
LONDON, Jan. 4, 2011 (GLOBE NEWSWIRE) -- Cloud Centric Systems, Inc. (Pink Sheets:CLDR) CEO, David Lovatt announces today that the company has signed a $1m term sheet for investment.
"Whilst we are about to announce financials which show a 120% increase in revenues during the final quarter of 2010, the company needs to invest in its existing businesses as well as agree terms on new acquisitions. This investment line will allow both of those important aspects of the business to be achieved during 2011," stated Lovatt, CEO of Cloud Centric Systems, Inc.
Cloud Centric is about to launch an Industry leading product from its subsidiary VizualMobile. The product Monitors, Manages and Secures Mobile Devices. The company is on the radar of large corporations looking to manage their varied asset base of smartphones which could include Android, iPhone and Blackberry smartphone handsets.
"The subsidiary is highly likely to be a target for acquisition during late 2011 and, if we are to achieve the very best value for shareholders, we need to build a business that is worthy of attracting the very best caliber clients and partners," continued Lovatt.
"This is a deal that is good for the company and good for shareholders as it helps to build a truly secure business. I would like yet again to confirm that we see no requirement to undertake a reverse split, our financial partner is happy to work with us by increasing shareholder value through improved revenue figures and earnings," said Lovatt.
Cloud Centric Systems recently announced that its officers had returned their common shares to the treasury and the company had reduced the Authorized Share Capital to 3bn, down from 5bn reducing the total dilution that can occur in the company.
About Cloud Centric Systems: Cloud Centric Systems specializes in cloud based technologies that use the Internet to deliver business critical applications via a global network of partners. Cloud Centric Systems plans to grow via strategic acquisition over the coming 12 months as well as strong sales through its subsidiaries.
For more information, please visit: www.cloudcentricsystems.com
Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control.
CONTACT: Cloud Centric Systems, Inc.
(347) 404 5346
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