SAN DIEGO, CA, September 16, 2010 (Press-News.org) Penny Auction Solutions, Inc. (PAS) is pleased to announce that it has signed an investment agreement with Kodiak Capital Group, LLC of New York City (Kodiak) for a $10 million equity line of credit.
PAS plans to use the funding to establish operations and begin offering services in early 2011. Their strategic approach is tailored to capitalize on the online Penny Auction entertainment-shopping arena. One key advantage is their ability to penetrate the global marketplace with the top 291 Internet domains and .mobi's.
PAS is preparing an S-1 Registration Statement with the SEC and anticipates making an announcement of being a publicly traded company in the Fall of 2010. Once the Registration Statement is approved by the SEC, PAS will be entitled to draw funds from the equity line of credit.
President and CEO of Penny Auction Solutions, Inc., Corey Parks, states: "We are pleased to have secured the $10 million in financing from Kodiak which will enable us to become a dominant participant in the global Penny Auction marketplace. Once our registration statement is approved, PAS will have access to the funds which can be used to capture a sizable share of the largely untapped global penny auction market."
Also, Kodiak will be issued 1,000,000 shares for taking PAS into consideration for the equity line of credit. Charles DeVerna, Kodiak Director of Business Development, stated: "We are excited to partner with PAS and provide funding for the company. The facility provides management with inexpensive and flexible access to capital when and as needed to carry out operations and fuel their rapid global expansion."
PAS COO, Micheal Holt, added: "This agreement will provide us with the necessary funds to operate a world-class operation and offer our services on a very competitive basis. It also allows us to employ new technologies in the marketplace which will enhance our members' experiences and set us apart from our competitors."
About Kodiak Capital Group, LLC
Kodiak Capital Group, LLC is engaged in assisting growth companies in all facets of their long-term strategy by providing capital and progressive business solutions. Kodiak manages a portfolio of investments in public and private equities. Founded in 2009, Kodiak has transacted in excess of $400 million in financing for companies across a multitude of industries, including biotechnology, business services, consumer products, defense, healthcare, Internet, manufacturing, medical devices, natural resources, oil and gas, renewable energy and wireless communications. Headquartered in New York City, Kodiak has assisted companies throughout North America, China and Australia.
About Penny Auction Solutions, Inc.
PAS is an online Penny Auction company that is well-positioned to capitalize on the strong consumer demand for users to bid on high end retail items at a fraction of their cost while providing a fun and exciting experience. What this revolutionary model offers is huge savings. Users typically save an average of 78% off retail prices on penny auctions. Unlike traditional online auction websites, players truly get great deals such as new laptops and flat screen TV's for $40 or even new cars for only $800. The combination of its top keyword domains and early penetration into these markets will give PAS the opportunity to be branded as the first choice in shopping-auction entertainment around the globe.
For more information, please contact:
Penny Auction Solutions, Inc.
Mr. Corey Park, President & CEO
Ph: 866-937-8057
www.pennyauctionsolutions.com
corey@pennyauctionsolutions.com
Penny Auction Solutions, Inc. Secures $10 Million in Financing from Kodiak Capital Group, LLC
Penny Auction Solutions, Inc. (PAS) is pleased to announce that it has signed an investment agreement with Kodiak Capital Group, LLC of New York City (Kodiak) for a $10 million equity line of credit.
2010-09-16
ELSE PRESS RELEASES FROM THIS DATE:
Study: Old age may not be to blame for becoming forgetful
2010-09-16
ST. PAUL, Minn. – New research suggests that old age may not play a role in why older people become forgetful. According to a study published in the September 15, 2010, online issue of Neurology®, the medical journal of the American Academy of Neurology, the same brain lesions that are associated with dementia are responsible for mild memory loss in old age.
"It appears these brain lesions have a much greater impact on memory function in old age than we previously thought," said study author Robert S. Wilson, PhD, with Rush University Medical Center in Chicago. "Our ...
Global project underway to preserve yam biodiversity
2010-09-16
BENIN (16 September 2010)—Farmers and crop scientists worldwide are engaged in an ambitious new effort to add 3,000 yam samples to international genebanks with the aim of saving the diversity of a crop that is consumed by 60 million people on a daily basis in Africa alone, according to an announcement today from the Global Crop Diversity Trust.
In almost all the countries of the African yam belt, a large number of potentially important yam varieties are preserved only in fields, where they are in danger of being picked off by pests or diseases as well as more common disasters ...
JAK inhibitor provides rapid, durable relief for myelofibrosis patients
2010-09-16
HOUSTON - An oral medication produces significant and lasting relief for patients with myelofibrosis, a debilitating and lethal bone marrow disorder, researchers at The University of Texas MD Anderson Cancer Center report in the Sept. 16 New England Journal of Medicine.
Myelofibrosis is caused by the accumulation of malignant bone marrow cells that trigger an inflammatory response, scarring the bone marrow and limiting its ability to produce blood, causing anemia.
"The problem with myelofibrosis is the lack of available therapies for patients - there are none approved ...
Scientists pave way for improved teamwork on collaborative research efforts
2010-09-16
Tackling today's complex scientific questions often requires work from interdisciplinary collaborative research teams – and working in those teams can create its own problems. Now a group of researchers from around the country, including North Carolina State University, has published a commentary in the journal Science Translational Medicine outlining a new field of study that will help resolve problems facing interdisciplinary research teams.
The new area of study, called the "science of team science," or SciTS (rhymes with sights), focuses on what works and what doesn't ...
Johns Hopkins scientists find genes related to body mass
2010-09-16
Johns Hopkins scientists who specialize in unconventional hunts for genetic information outside nuclear DNA sequences have bagged a weighty quarry — 13 genes linked to human body mass. The experiments screened the so-called epigenome for key information that cells remember other than the DNA code itself and may have serious implications for preventing and treating obesity, the investigators say.
"Some of the genes we found are in regions of the genome previously suspected but not confirmed for a link to body mass index and obesity," says co-lead investigator Andrew Feinberg, ...
The friendly way to catch the flu
2010-09-16
Your friends are probably more popular than you are. And this "friendship paradox" may help predict the spread of infectious disease.
Nicholas Christakis, professor of medicine, medical sociology and sociology at Harvard University, and James Fowler, professor of medical genetics and political science at the University of California, San Diego, used the paradox to study the 2009 flu epidemic among 744 students. The findings, the researchers say, point to a novel method for early detection of contagious outbreaks.
Analyzing a social network and monitoring the health ...
Modern Muslims use dreams to make major life decisions
2010-09-16
The traditional practice of using night dreams to make major life decisions is in widespread use among modern Muslims, reveals a new study whose author is speaking at the British Science Festival on Thursday September 16*.
Interviews with 60 Muslims in the UK, North America, Europe and Pakistan have revealed that night dreams are being used to make choices on issues like marriage, business, career development and politics.
Research leader, Durham University anthropologist Dr Iain Edgar focused on the centuries-old practice of Istikhara, or Islamic 'dream incubation'. ...
Genetic finding identifies male-linked mutation associated with autism spectrum disorders
2010-09-16
NEW YORK, N.Y. (September 15, 2010) – Autism Speaks, the world's largest autism science and advocacy organization, and an international consortium of researchers, along with participating families, joined together to announce additional new autism genetic discoveries. The results were published today in Science Translational Medicine.
Based on analysis of genomes collected from almost 2,250 individuals, including almost 2,000 with ASD and 246 with intellectual disabilities, and more than 10,000 controls, the researchers found PTCHD1 mutations or copy number variant (CNV) ...
Depression and heart disease combo more lethal than either one alone
2010-09-16
The combination of depression and heart disease seems to be far more lethal than having either one of these conditions in isolation, suggests research published online in Heart.
Previous research has indicated that people who are depressed, but otherwise healthy, are more likely to develop coronary heart disease, irrespective of what other risk factors they might have.
And people who are depressed are more likely to die from all causes, but it still remains unclear as to whether depression is more fatal for those with heart disease than it is for those without.
The ...
Even very low dose of regular aspirin wards off bowel cancer
2010-09-16
Even the lowest possible dose of aspirin (75 mg) can ward off bowel cancer, if taken regularly, finds research published online in the journal Gut.
This protective effect is apparent after just one year and in the general population, not just those considered to be at risk of developing the disease, which is the second most common cause of cancer death in the world, killing almost half a million people every year.
Although previous research has shown that aspirin protects against bowel cancer, it is not known what the most effective dose is and how long it needs to ...
LAST 30 PRESS RELEASES:
Reality check: making indoor smartphone-based augmented reality work
Overthinking what you said? It’s your ‘lizard brain’ talking to newer, advanced parts of your brain
Black men — including transit workers — are targets for aggression on public transportation, study shows
Troubling spike in severe pregnancy-related complications for all ages in Illinois
Alcohol use identified by UTHealth Houston researchers as most common predictor of escalated cannabis vaping among youths in Texas
Need a landing pad for helicopter parenting? Frame tasks as learning
New MUSC Hollings Cancer Center research shows how Golgi stress affects T-cells' tumor-fighting ability
#16to365: New resources for year-round activism to end gender-based violence and strengthen bodily autonomy for all
Earliest fish-trapping facility in Central America discovered in Maya lowlands
São Paulo to host School on Disordered Systems
New insights into sleep uncover key mechanisms related to cognitive function
USC announces strategic collaboration with Autobahn Labs to accelerate drug discovery
Detroit health professionals urge the community to act and address the dangers of antimicrobial resistance
3D-printing advance mitigates three defects simultaneously for failure-free metal parts
Ancient hot water on Mars points to habitable past: Curtin study
In Patagonia, more snow could protect glaciers from melt — but only if we curb greenhouse gas emissions soon
Simplicity is key to understanding and achieving goals
Caste differentiation in ants
Nutrition that aligns with guidelines during pregnancy may be associated with better infant growth outcomes, NIH study finds
New technology points to unexpected uses for snoRNA
Racial and ethnic variation in survival in early-onset colorectal cancer
Disparities by race and urbanicity in online health care facility reviews
Exploring factors affecting workers' acquisition of exercise habits using machine learning approaches
Nano-patterned copper oxide sensor for ultra-low hydrogen detection
Maintaining bridge safer; Digital sensing-based monitoring system
A novel approach for the composition design of high-entropy fluorite oxides with low thermal conductivity
A groundbreaking new approach to treating chronic abdominal pain
ECOG-ACRIN appoints seven researchers to scientific committee leadership positions
New model of neuronal circuit provides insight on eye movement
Cooking up a breakthrough: Penn engineers refine lipid nanoparticles for better mRNA therapies
[Press-News.org] Penny Auction Solutions, Inc. Secures $10 Million in Financing from Kodiak Capital Group, LLCPenny Auction Solutions, Inc. (PAS) is pleased to announce that it has signed an investment agreement with Kodiak Capital Group, LLC of New York City (Kodiak) for a $10 million equity line of credit.