MONARCH BAY, Calif., April 2, 2012
/PRNewswire/ -- Microelectronics Technology Co. (OTC-BB: MELY.PK –
News):
Microelectronics Technology Corporation previously announced the
completion of negotiations of an initial round of convertible
preferred financing in the amount of $240,000.00 by an arms length private Small Cap
Venture fund.
The Company is pleased to announce the terms of the financing
have been enhanced to provide the company with commitment to invest
$2,500,000.00 during the next 3
quarters of 2012. The financing will be available to the company in
tranches of $500,000.00 based upon
completion of certain milestones by the company concerning network
development and customer acquisition.
This will bring a total of Convertible preferred financing
commitment to $2,740,000.00. The
Company will receive the first tranche of funding under the terms
of the agreement this financial quarter.
The proceeds of the initial round of financing are to provide
equipment acquisition, servers, software development and general
working capital.
The company is at the stage in its development where the
application of additional funds will provide for the rapid
deployment of addition equipment required to complete the alpha
testing of the Sproq Web Application Hosting Module
Programming.
Upon successful alpha test completion, the next phase of
development will be to establish a commercial co-location facility
with the bandwidth, security and reliability required to meet the
scalability of the Sproq Node modules.
Sproq next generation cloud application hosting customers will
be able to start with a single sproqet. As they need to scale up
they will be able to purchase additional sproqets.
Sproq.com service is currently under development, with
developmental servers and hardware already deployed. Sproq.com is
scheduled for launch second quarter 2012 and Cloud Data Corp is
planning for the first point of presence in Seattle, Washington.
A pre-beta launch sign up is available at www.sproq.com where
invites will be sent out for our beta.
For further Information:
Microelectronics Technology Co.
President:
Mr. Brett Everett
1 866 587 2860
www.melypk.com
www.sproq.com
www.domainstutter.com
Forward-Looking Statements
This news release includes forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. While these statements are made to
convey Company progress, business opportunities and growth
prospects, readers are cautioned that such forward-looking
statements represent management's opinion. Whereas management
believes such representations to be true and accurate based on
information and data available to the Company at this time, actual
results may differ materially and are subject to risk and
uncertainties. Factors that may cause actual results to differ
include without limitation: dependence on key personnel and
suppliers; MELY's ability to commercialize its technology; ability
to defend intellectual property; material and component costs;
competition; economic conditions; consumer demand and product
acceptance, and availability of growth capital.
Additional considerations and risk factors are set forth in
reports filed on Form 8-K and 10-K with the SEC and other filings.
Readers are cautioned not to place undue reliance upon these
forward-looking statements; historical information is not an
indicator of future performance. The Company undertakes no
obligation to update publicly any forward-looking statements.
SOURCE Microelectronics Technology Corporation
