GlobalWise
Investments today announced that a series of steps have been completed to
strengthen its balance sheet as well as expand its sales and marketing program
for IntelliCloud™.
The
company secured a $500,000 convertible notes financing with a cash coupon of
10% and a principle that can be converted into common stock at a price of
$0.08. Also, existing notes for $670,000 and accrued interest expiring this
month were replaced by new convertible notes in the amount of $701,068.50 due
in December 2015 with the same terms as the canceled notes.
According
to the press release issued today, the financing proceeds are being used to
support greater sales and marketing efforts for the cloud-based imaging and
data management technologies and services offered by Intellinetics, a wholly
owned subsidiary of GlobalWise.
President
and CEO of GlobalWise and Intellinetics, Matthew L. Chretien, stated, “As the
number of active IntelliCloud sales partners increases, as we expect it will
over both the near- and long-term, the Company will generate a growing and
recurring revenue stream. New partner-centric messaging, sales tools and
resources are key milestones in the execution of our growth strategy. When
coupled with recent operating expense reductions, these are all critical
aspects of positioning the Company for long-term growth and profitability.”
GlobalWise
is using a channel sales partner growth model to deliver the IntelliCloud
solution to existing customers as a turnkey solution to reduce operational
costs and increase document accessibility and security for small to medium
sized enterprises (SMEs). Features and benefits include:
• Find, Share, Email, and Route
documents to authorized users
• Simple, Affordable, and Secure
• Improve Productivity & Reduce
Costs
• Intuitive Interface (view in action:
http://www.intellinetics.com/video)
The press
release also said GlobalWise shareholders will be asked to vote at the August
6, 2014 annual meeting of shareholders on a proposal to change the name of the
company from “GlobalWise Investments, Inc.” to “Intellinetics, Inc.” in order
to more accurately reflect the Company’s current business, which is providing
imaging and data management technologies and services, and to align its
corporate name with the company’s sole operating subsidiary, Intellinetics,
Inc.
For more
information on GlobalWise and Intellinetics, visit
www.globalwiseinvestments.com
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