XELR8 Holdings Completes $250,000 Bridge Financing
The Company has previously reported that it is currently evaluating both debt and equity financing alternatives to secure up to $3 million in capital to fund operations and planned growth initiatives.
04/12/06 VitaCube Systems Holdings, Inc., a provider of functional foods, beverages and nutritional supplements, announced that it has closed on a bridge financing, raising a total of $250,000 in gross proceeds from an institutional investor. Specific details related to the funding transactions may be found in an associated Form 8-K filed with the Securities and Exchange Commission.
John Pougnet, CEO/CFO of XELR8 Holdings, noted, "We are very pleased to have secured this debt funding, which helps to strengthen our cash position while we work towards finalizing our longer term financing strategy." The Company has previously reported that it is currently evaluating both debt and equity financing alternatives to secure up to $3 million in capital to fund operations and planned growth initiatives.
XELR8 also announced that the number of direct selling professionals in its national distribution network increased to 3,108 as of the end of October, representing a net gain of 23 distributors since the end of September.
