INTERCALLNET INC - News Release Intercallnet Secures Additional $1.5 Million Financing; Company To Open 200-Seat Call Center In Antigua FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--June 20, 2002-- Intercallnet, Inc. (OTCBB:ICLN) announced today it has entered into a $1.5 million loan agreement with Stanford Venture Capital Holdings, Inc. ("Stanford"). Proceeds will be used for working capital as well as to construct, equip and operate a 200-seat call center in Antigua. The Company anticipates additional costs will be required to complete the call center in Antigua and is currently seeking additional financing and funding sources for such purpose. The Company received its initial working capital installment payment of $350,000 on June 17 with the balance to be paid in three installments through September 15. Payments for the call center, aggregating $600,000, will be funded pursuant to advance requests as approved by Stanford. Pursuant to the terms of the agreement, the Company issued to Stanford a $1.5 million secured convertible promissory note. The note bears interest at 8 percent per annum and matures on June 30, 2006. In March 2002, Intercallnet entered into a $1.5 million stock purchase agreement with Stanford. Those funds were earmarked for working capital, and general corporate expenses including accounts payable, marketing and the purchase of software for the Company's U.S. domestic call center operations. "This recent agreement further underscores Stanford's commitment to Intercallnet," said George Pacinelli, Intercallnet's President. "We are particularly excited about the prospect of opening a new call center in Antigua and the expanded capabilities it will provide our clients." For additional information concerning this transaction, refer to the Company's most recent Form 8-K filing. Due to a continuing slowed economic environment post September 11, 2001, and with a view towards conserving internal cash flow, the Company has combined the operations of its 60-seat call center in Margate, Florida with its primary contact center in Fort Lauderdale, Florida, and closed such Margate facility. Assets from the facility, which were not material, were sold to the new tenant and there are no contingent lease obligations.
About Intercallnet, Inc.
Intercallnet is an Interactive Customer Relationship Provider (ICRP) that utilizes voice communications technology and specialized professionals, on an outsourced basis, to provide clients with a variety of services. Intercallnet's Outbound Voice Services include initiating original prospecting calls, completing sales transaction calls and performing follow-up courtesy/survey calls. Intercallnet's Inbound Voice Services include: order/sales transaction processing, customer service/support, and "help desk."
Forward-looking statements in this press release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties as discussed from time to time in the Company's public filings which could cause actual results to differ materially from those discussed in the forward-looking statements and from historical results of operations. Readers are cautioned that forward-looking statements are not guarantees of future performance and that actual results might differ materially from those contained in any forward-looking statements. We do not assume the obligation to update any forward-looking statements.