STOA News Sitoa Global Announces Investment from Private Equity Firm Ingenium Capital
2012-07-23 08:00 ET - News Release
PALO ALTO, Calif., July 23, 2012 /PRNewswire/ -- Sitoa Global Inc. (OTCQB: STOA) ("Sitoa" or the "Company"), an e-commerce solutions and service provider, today announced an investment from Ingenium Capital ("Investor"), a European based private equity firm that is focused on companies in special situations with strong growth and earnings potential. The funds will be used to continue the Company's expansion into the growing social e-commerce segment.
Ingenium Capital invested $500,000 in a private placement at a price of $0.15 per share and has an option to invest an additional $300,000 at a price of $0.30 per share. The Securities Purchase Agreement between the Company and the Investor was entered into in reliance on the exemption from registration under Regulation S and/or Section 4(2) under the Securities Act as the securities were issued to the entity through an offshore transaction which was negotiated and consummated outside of the United States.
"Given the recent public company offerings in Social Media and specialized Software as a Service (Saas), we believe that now is an appropriate time to raise expansion capital and we welcome this investment from Ingenium Capital," said George Yu, the Company's President and CEO.
