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Press Release Source: Calibrus, Inc. On Monday July 26,
2010, 6:00 am EDT TEMPE, Ariz., July 26 /PRNewswire-FirstCall/
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Calibrus, Inc., located in Tempe, Arizona, a development
company in Social Online Networking and Mobile Applications and leader in Third
Party Verification Services (TPV), today announced the completion of its final
$250,000 round of Convertible Debentures.
On July 23, 2010, the Company completed the sale of the balance of 50
Units for proceeds of $250,000, for total offering proceeds of $1,000,000.
The terms of this financing are based on the same formula
for previous investment in this financing.
Calibrus, Inc. sold the final 50 units consisting of five thousand
dollars ($5,000) in Debentures of the Company and 2,500 common stock purchase
warrants for total offering proceeds of $250,000. Under the terms, each convertible debenture
is convertible into shares of common stock of the Company at the lower of $1.50
per share or the price of any additional private placement of the Company in
the subsequent twelve months and bears interest at the rate of 12% per annum
(the "Debentures"). Each
common stock purchase warrant entitles the holder to purchase one share of the
Company's common stock for each warrant held at the warrant exercise price of
the lower of (i) one dollar and ninety-five cents
($1.95) per share, or (ii) one hundred thirty percent (130%) of the per share
price paid by any investor in a private placement by the Company of shares of
its common stock at any time in the next twelve months. The Warrants are only
exercisable if the Debentures, which are part of the underlying Unit, are
converted into shares of the Company's common stock.
ABOUT CALIBRUS - Calibrus, Inc. (OTC Bulletin Board:CALB.ob - News) develops
products and services in Social Online Networking, Mobile applications, Third
Party Verification, Hosted Call Recording and IVR Services. Calibrus operates the JabberMonkey
website (www.jabbermonkey.com), a
premier site for expressing and gathering public opinion on a global scale. For
more information on Calibrus visit the Calibrus website at www.calibrus.com.
Forward-looking statements in this release are made
pursuant to the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that such forward-looking
statements involve risks and uncertainties, including without limitation,
continued acceptance of the Company's products, increased levels of competition
for the Company, new products and technological changes, the Company's
dependence on third-party suppliers, and other risks detailed from time to time
in the Company's periodic reports filed with the Securities and Exchange
Commission.
Contact: Eric Miller, Investor Relations, +1-720-220-0037 or
email at emiller@calibrus.com |