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CirTran Obtains $20 Million in Equity Financing
SALT LAKE CITY--(BUSINESS WIRE)--July 19, 2004--
New Financing Package with Cornell Capital Significantly Lowers CIRT Cost of Capital, Providing Funding for Aggressive Acquisition and
Expansion Program CirTran Corp. (OTCBB:CIRT), an international full-service contract electronics manufacturer of printed circuit board assemblies, cables and harnesses, today announced the company has obtained $20 million in committed equity capital in the form of a Standby Equity Distribution Agreement (SEDA) with Cornell Capital Partners, L.P. The SEDA is larger and, in the opinion of CirTran's management, provides substantially better terms than the previous $5 million SEDA that CirTran negotiated in 2003. The sale of CirTran common stock under the SEDA will be registered with an SB-2 registration statement filed with the United States Securities and Exchange Commission.
Iehab J. Hawatmeh, President and CEO of CirTran Corp. commented, "This funding commitment represents a watershed event for CirTran and our shareholders. We believe that we now have access to sufficient capital on better terms to build our business into a significantly larger player in the global manufacturing arena. The company is already benefiting from the recent increased sales from CirTran-Asia, its Asian manufacturing division which has required initial and ongoing investments which shall in part be used from this funding."
Matt Beckman, Managing Partner of Cornell Capital commented, "CirTran has been one of Cornell's best clients, and has demonstrated the advantages of a SEDA when used properly, I have personally built a strong relationship with Iehab and trust his intentions with regards to the future growth of CirTran."
About Cornell Capital
Based in Jersey City, NJ, Cornell Capital Partners, L.P. began operations in January 2001 to address the financing needs of publicly traded companies that exhibit a clear business vision and to turn PIPEs into a mainstream form of financing. Since then, Cornell Capital has successfully financed numerous public companies while becoming the world's most active investor in structured private placements. At the end of 2002, the company was ranked number one both in all PIPE and structured PIPE transactions with 33 and 32 transactions, respectively. For further information about Cornell Capital, please visit the Company's website located at www.cornellcapital.com .
About CirTran Corporation
Founded in 1993, CirTran Corporation (OTCBB:CIRT) has established itself as a premier full-service contract electronics manufacturer by building printed circuit board assemblies, cables, and harnesses to the most exacting specifications. CirTran is headquartered in Salt Lake City, Utah with a state-of-the-art 40,000 sq. ft. facility. CirTran also provides "just-in-time" inventory management techniques that minimize the OEM's investment in component inventories, personnel and, related facilities, thereby reducing costs and ensuring speedy time-to-market. For further information about CirTran, please visit the Company's website located at www.cirtran.com.
Safe Harbor Statement
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements, with words such as "anticipate," "believe," "expect," "future," "may," "will," "should," "plan," "projected," "intend," and similar expressions to identify forward-looking statements. These statements are based on the company's beliefs and the assumptions it made using information currently available to it. Because these statements reflect the company's current views concerning future events, these statements involve risks, uncertainties and assumptions. The actual results could differ materially from the results discussed in the forward-looking statements. In any event, undue reliance should not be placed on any forward-looking statements, which apply only as of the date of this press release. Accordingly, reference should be made to the company's periodic filings with the Securities and Exchange Commission.
Posts: 146 | From: Denver, CO, USA | Registered: May 2004
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CirTran Says Q2 Revenue to Exceed $1.9 Million; Revenues Up 365% from Last Year's Q2 Numbers
SALT LAKE CITY--(BUSINESS WIRE)--July 20, 2004--CirTran Corp. (OTC BB: CIRT), an international full-service contract electronics manufacturer of printed circuit board assemblies, cables and harnesses, today announced it has closed the second quarter of 2004 ended June 30 with sales of approximately $1,930,000, over 200% increase from the first quarter of 2004 and a 365% increase when compared to the same period of 2003. Year-to-date sales for the first and second quarter of 2004 combined are more than double of 2003's year-end sales. The company attributes the sales increase to new strategic alliances and customer contract wins through its core electronic manufacturing services and subsidiaries, Racore Technology Corp. and CirTran-Asia.
Trevor M. Saliba, executive vice president of worldwide business development of CirTran Corp., commented, "We are pleased to announce yet another significant and consecutive milestone sales quarter. We are anticipating another record sales level for the third quarter and year-end sales of 2004 based on our current backlog. We continue to benefit from the positive changes that have been made both internally and in our industry overall for 2004."
About CirTran Corp.
Founded in 1993, CirTran Corp. has established itself as a premier full-service contract electronics manufacturer by building printed circuit board assemblies, cables, and harnesses to the most exacting specifications. CirTran is headquartered in Salt Lake City, with a state-of-the-art, 40,000-square-foot facility. CirTran also provides "just-in-time" inventory management techniques that minimize the OEM's investment in component inventories, personnel and related facilities, thereby reducing costs and ensuring speedy time to market. For further information about CirTran, please visit the company's Web site located at www.cirtran.com.
Safe Harbor Statement
Certain statements made herein that are not historical are forward looking within the meaning of the Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements, with words such as "anticipate," "believe," "expect," "future," "may," "will," "should," "plan," "projected," "intend," and similar expressions to identify forward-looking statements. These statements are based on the company's beliefs and the assumptions it made using information currently available to it. Because these statements reflect the company's current views concerning future events, these statements involve risks, uncertainties and assumptions. The actual results could differ materially from the results discussed in the forward-looking statements. In any event, undue reliance should not be placed on any forward-looking statements, which apply only as of the date of this press release. Accordingly, reference should be made to the company's periodic filings with the Securities and Exchange Commission.
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CirTran Receives Orders to Manufacture ``ABKING PRO'' for Wal-Mart, Canada; CirTran's ABKING PRO to be Distributed in all Canadian Wal-Mart Stores
SALT LAKE CITY--(BUSINESS WIRE)--July 21, 2004--CirTran Corp. (OTCBB:CIRT), an international full-service contract electronics manufacturer of printed circuit board assemblies, cables and harnesses, today announced it received an initial order for 2,500 units of "ABKING PRO", a consumer product for the fitness industry manufactured and distributed by its wholly-owned subsidiary, CirTran-Asia, Ltd.
The order was placed through a New Jersey based distributor with the end client being Wal-Mart. This shipment is scheduled for nationwide distribution through Wal-Mart stores located throughout Canada.
Trevor M. Saliba, Executive Vice President of Worldwide Business Development of CirTran Corporation, commented, "We are very pleased to announce this new relationship with the world's largest retailer. This order alone, justifies the formation of CirTran-Asia which has enabled us to compete in the hi-volume Asian manufacturing market worldwide."
The Company acknowledges future Wal-Mart orders should substantially alter revenue projections. CirTran Corp., earlier this week, announced revenues up 365% versus the same period last year, as well as an additional $20 million equity financing.
About CirTran Corporation
Founded in 1993, CirTran Corporation (OTCBB:CIRT) has established itself as a premier full-service contract electronics manufacturer by building printed circuit board assemblies, cables, and harnesses to the most exacting specifications. CirTran is headquartered in Salt Lake City, Utah with a state-of-the-art 40,000 sq. ft. facility. CirTran also provides "just-in-time" inventory management techniques that minimize the OEM's investment in component inventories, personnel and, related facilities, thereby reducing costs and ensuring speedy time-to-market. For further information about CirTran, please visit the Company's website located at www.cirtran.com.
Safe Harbor Statement
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements, with words such as "anticipate," "believe," "expect," "future," "may," "will," "should," "plan," "projected," "intend," and similar expressions to identify forward-looking statements. These statements are based on the company's beliefs and the assumptions it made using information currently available to it. Because these statements reflect the company's current views concerning future events, these statements involve risks, uncertainties and assumptions. The actual results could differ materially from the results discussed in the forward-looking statements. In any event, undue reliance should not be placed on any forward-looking statements, which apply only as of the date of this press release. Accordingly, reference should be made to the company's periodic filings with the Securities and Exchange Commission.
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Dar- I would be interested to know what your take is on this one. It keeps going down and i cant figure out why. good pr's but still slidin down. what gives? anybodys opinion will be valued
Posts: 5812 | From: st paul,mn | Registered: Feb 2004
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quote:Originally posted by jordanreed: Dar- I would be interested to know what your take is on this one. It keeps going down and i cant figure out why. good pr's but still slidin down. what gives? anybodys opinion will be valued
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I think CIRT got pulled from the BE in early June.Also I think people don't like Cornell cap.Im not sure but I think they were behind that pig AFRR , AFRT R/S and the name change.Im new to pennys and this was one of my first buys got in at about .03 and out around .06 now Im on the side line.When we get a good base I will come back in the numbers for this Co. are the best the pr's are on time and always good. I think its a bargin and the MMs are keeping it down but for how long?
Posts: 16 | From: washington dc | Registered: Mar 2004
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SALT LAKE CITY--(BUSINESS WIRE)--CIRT-- CirTran Corp. (OTC BB: CIRT), an international full-service contract electronics manufacturer of printed circuit board assemblies, cables and harnesses, today announced that it has received an initial order for its OptiCORE 100FX Fiber Optic M8192 Network Adaptor Card from the Douglas County Public Utility District located in the state of Washington. The order was placed through CirTran's wholly owned subsidiary, Racore Technology Corp. The cards will be installed at The Wells Hydroelectric Project, the chief generating resource for the Douglas County PUD, the project's owner and operator. The project is operated under a license with the Federal Energy Regulatory Commission. The hydrocombine structure is 1,165 feet in length and the dam is 4,460 feet long overall. The Wells project has 10 generating units rated at a combined 840 megawatts. Eleven gate spillway openings can pass a flood of more than 8,800,000 gallons of water per second. Trevor M. Saliba, CirTran's senior vice president of worldwide business development, commented, "We are very proud of the continued interest in Racore's Local Area Network (LAN) products from multiple government agencies and Fortune 500 companies. This contract represents another United States government agency utilizing the advanced technology and high security of Racore's products, which are manufactured by its parent company, CirTran Corp."
About Racore
Racore Technology designs, develops, manufactures, and markets high-performance local area network products with emphasis on fiber optics, Token-Ring and 10/100 Ethernet technologies. Over the past 15 years, Racore has developed extensive technology to provide high-performance copper and fiber connectivity solutions linking LAN backbones to the desktop. For further information about Racore, please visit the company's Web site located at www.racore.com.
About CirTran Corp.
Founded in 1993, CirTran Corp. has established itself as a premier full-service contract electronics manufacturer by building printed circuit board assemblies, cables and harnesses to the most exacting specifications. CirTran is headquartered in Salt Lake City, with a state-of-the-art 40,000-square-foot facility. CirTran also provides "just-in-time" inventory management techniques that minimize the OEM's investment in component inventories, personnel and related facilities, thereby reducing costs and ensuring speedy time-to-market. For further information about CirTran, please visit the company's Web site located at www.cirtran.com.
Safe Harbor Statement
Certain statements made herein that are not historical are forward looking within the meaning of the Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements, with words such as "anticipate," "believe," "expect," "future," "may," "will," "should," "plan," "projected," "intend" and similar expressions to identify forward-looking statements. These statements are based on the company's beliefs and the assumptions it made using information currently available to it. Because these statements reflect the company's current views concerning future events, these statements involve risks, uncertainties and assumptions. The actual results could differ materially from the results discussed in the forward-looking statements. In any event, undue reliance should not be placed on any forward-looking statements, which apply only as of the date of this press release. Accordingly, reference should be made to the company's periodic filings with the Securities and Exchange Commission. INDUSTRY KEYWORD: GOVERNMENT HARDWARE ENERGY PRODUCT MARKETING AGREEMENTS SOURCE: CirTran Corp.
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