CorpHQ Board Continues on Forward Path by Adding New Board Member, Converting Debt and Approving New Round of Financing 5:04p ET February 20, 2007 (Market Wire)
CorpHQ, Inc. (PINKSHEETS: COHQ) today announced that its board of directors has taken further steps to strengthen the company as it moves into the business consulting arena.
Gregg Davis, the President of the corporation, has been elected as a member of the board of directors. The board also accepted the resignation of Kenneth S. August as director. Mr. August remains the company's legal counsel.
The board also elected to convert $412,000 in outstanding debt to the company's officers into restricted common stock. The board further approved the sale of up to $1 million in common stock to qualified institutional investors.
Gregg Davis said, "This is the next step in CorpHQ's reemergence as a management consultant to high potential companies. By cleaning up the balance sheet we have been able to qualify for financing, and when received, those funds will help us in our quest to build valuable client relationships."
About CorpHQ, Inc. (PINKSHEETS: COHQ)
CorpHQ, Inc. provides management services to high caliber early stage companies. The company voluntarily reports all financial information and material events on www.pinksheets.com.
Forward-Looking Statements
Any statements made in this press release that are not based on historical facts are "forward-looking statements," as such term is defined in the Private Litigation Reform Act of 1995. Although such statements are based on management's current estimates and expectations, and currently available competitive, financial, and economic data; forward-looking statements are inherently uncertain. We, therefore, caution the reader that there are a variety of factors that could cause business conditions and results to differ materially from what is contained in our forward-looking statements. For a description of some of the factors which may occur that could cause actual results to differ from our forward-looking statements please refer to our 2005 Voluntary Annual Report and subsequent Voluntary Quarterly Reports, and in particular the discussions contained under "Risk Factors."
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