MacroSolve Closes Initial Round of Financing

MacroSolve Inc. completes the initial closing on the issuance of up to $2.2 million in convertible debentures.
“In this very challenging funding environment, the fact that we have raised up to $2.2 million from local high net worth individuals is a testament to the belief these investors have in MacroSolve’s business model, the market opportunity we are pursuing, and our ability to execute on that opportunity. We are pleased to see private investment in our company both from our current investors as well as a group of new investors who are excited about MacroSolve,” said Clint Parr, MacroSolve’s President and CEO.
The initial closing will consist of the issuance of about $850,000 of the convertible debentures. The remainder of the debt will be issued on a monthly schedule from September through November and February through September 2010.
The debt matures July 31, 2014, and may be converted into MacroSolve’s common stock.
The private funding was led by a MacroSolve board member, and includes the participation of another board member and a syndicate of high net worth individuals from Oklahoma.
The funds are earmarked for further growth initiatives including launching and marketing new products for the growing mobile business solutions market, as well as to fund general operating expenses.

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