Roanoke Technology Corp. Confirms Standby Guarantee to Back $12 Million Bond Received and Finalized Sale of Bond to Commence
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High-Tech Writers / Business Editors ROANOKE RAPIDS, N.C.--(BUSINESS WIRE)--RNKE-- Roanoke Technology Corp. (OTCBB:RNKE) is pleased to confirm that the standby guarantee from Global Business Guarantee Corp. to back its $12 million bond has been received. It is also confirmed that Consultant, Graceleyne Financial, Inc. (www.graceleynefinancial.com), has finalized arrangements for the sale of the $12 million bond to commence. Roanoke Tech C.E.O., Mr. David Smith commented, "I am glad that the sale of our $12 million bond is due to commence and arrangements are in place for the stringent utilization of funds in accordance with our carefully drawn up master plan." "Safe Harbor" Statement Under The Private Securities Litigation Reform Act of 1995 The statements in the press release that relate to the company' expectations with regard to the future impact on the company's results from new products in development are forward looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. KEYWORD: NORTH CAROLINA INDUSTRY KEYWORD: BANKING TELECOMMUNICATIONS SOFTWARE E-COMMERCE INTERNET SOFTWARE SOURCE: Roanoke Technology Corp. CONTACT INFORMATION: Roanoke Technology Corp., Rocky Mount, N.C. Russell Jones, 252/428-0200
Our consultant, Graceleyne Financial Inc., is in the process of acquiring a $12 million corporate bond sale for RTC. Upon completion of the bond issuance, RTC plans to use a portion of the money to eliminate several debts incurred by the company, initiate a buyback of RTC stock, and increase R&D for upcoming projects substantially over the coming years. We estimate our expenses to be in the neighborhood of $1,500,000. We are expecting to see revenue reach $1.8 million. If our revenue projections remain accurate, Roanoke Technology Corporation will post its first profit since going public.
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original PR stated 2million$ set aside for buyback-----
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I have been buying and selling this stock recently and expected it to go up when the bond issue was more stable or resolved. I don't know who the players are who are involved in the financing but heard a rumor that it is a toxic kind of CD know as the 'death spiral'. I bought low enough that I am not worried about losing money on this stock but would hate to sell too early if their financing deal isn't that bad. I would love to hear from someone who is on top of the situation. We did have a great close and I am sure it will pop a little in the AM. Nice to see some green among the red. GLTA-DD-IMO-Debi
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I got frustrated with this stock last week and sold for a loss. Gee. Sometimes patience is a good friend that gets abused. I wish the best for those in this stock.
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