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Contact: Glenn Zagoren
ProNetLink.com
212-688-8838
PRONETLINK.COM ANNOUNCES $3 MILLION IN NEW FUNDING
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FOR RELEASE OCTOBER 11, 2000
NEW YORK, OCTOBER 11, 2000 - ProNetLink.com (OTC BB: PNLK), the Global Trade
Internetwork(TM), today announced it has secured private funding commitments of
$3 million. The board of directors approved the financing transactions on
October 10, 2000. The new funding will be used in the build out of existing and
new technology products, expansion of sales and marketing staff and programs,
and general working capital requirements.
ProNetLink.com Founder, President and CEO Jean Pierre Collardeau has loaned the
company $500,000 for a two-year period and has additionally entered into a note
purchase agreement that obligates him to lend up to a further $2 million to the
company subject to determination by the company of its cash requirements. The
note purchase agreement is committed for the period ending September 30, 2001.
In addition, the company has raised an additional $500,000 in a private
placement of ProNetLink Common Stock.
On August 8, 2000, the company issued a one-year, $1 million convertible note to
Mr. Collardeau. The maturity date on that transaction has been extended for a
further 12 months and is now due on August 8, 2002.
Collardeau commented that his further financial commitment to the company,
"underscores my confidence in the ProNetLink business model, my confidence in
our employees, the strength of our technology and our vision to meaningfully
participate in the rapid growth of Internet-based B2B global trade, particularly
in the small and medium enterprise sector.
This new funding is part of the company's ongoing capital planning process,
which includes discussions with a variety of funding sources including private
equity firms and value added partners.
ABOUT PRONETLINK.COM
ProNetLink.com offers a frictionless e-commerce solution for global trade.
ProNetLink's website (www.ProNetLink.com), called The Global Trade
Internetwork(TM) is an online,
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interactive webtool(TM) where small to medium sized businesses can work within
the site to arrange all areas of global trade including procurement, logistics,
finance, insurance, product certification and much more. Seasoned professionals
or newcomers to the world trade market can use ProNetLink.com to identify
business opportunities that will help increase revenues, as well as take
advantage of tools and resources that will enhance operating efficiencies.
ProNetLink.com offers a horizontal trade services solution for vertical e-based
businesses around the world. Currently the ProNetLink.com Procurement Directory
contains over 6.8 million companies from 177 countries.
ProNetLink.com also offers www.PNLTV.com, the Internet's first global trade news
and information broadcast network. PNLTV.com broadcasts a live newscast Monday
through Friday at 11:00 a.m. EST featuring current global trade issues,
interviews with government and international business leaders and reports from
correspondents from around the world. PNLTV.com also offers broadcast Virtual
Trade Shows, infomercials, training seminars and in-depth coverage of special
trade related events from the United Nations, U.S. Department of Commerce, WTO
Meetings and the Davos Economic Forum. All PNLTV.com broadcasts are archived for
viewing on demand.
PNLTV.com is free to viewers and can be accessed through the ProNetLink.com home
page or by visiting www.PNLTV.com. Webmasters interested in carrying PNLTV.com
broadcasts on their sites can contact [email protected].
For more information please contact ProNetLink.com at +1 212 688 8838, email:
[email protected]. Mail: 645 Fifth Avenue, Suite 303, New York, NY 10022.
ProNetLink.com is publicly traded on the NASDAQ exchange OTC Bulletin Board:
PNLK (PNLK.OB).
This release contains, in addition to historical information, forward looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended,
which reflect ProNetLink.com's current judgments of those issues. However,
because those statements are forward-looking and apply to future events, they
are subject to risks and uncertainties, which could cause the Company's results
to differ materially.
