V2K Executes Agreements for $1.6 Million Bridge Loan From Strategic Investment Partner
LAKEWOOD, Colo., June 17 // PRNewswire-FirstCall // -- V2K International, Inc. (OTC Bulletin Board: VTOK), announced today that it has executed final documents for a $1.6 million bridge loan from Amerivon Investments LLC. The funds are expected to be received by V2K later this month. The bridge loan is the first phase of the proposed $6,100,000 financing previously announced on March 24, 2008.
Amerivon helps companies accelerate growth opportunities in mass market retail channels by providing access to distribution, consulting, and capital. The primary use of the funds will be the further development and penetration of V2K's kiosk marketing program into the mass retail market.
"This is an exciting time for our company," stated Vic Yosha, President & CEO of V2K. "This initial bridge loan financing will facilitate the growth and progression of our kiosk marketing program in the big box retail market. The kiosk business model is an integral part of our strategic plan to enhance the individual sales performance of our franchises, in turn generating increased revenues back to the Company."
V2K introduced its initial kiosks at a major big box retailer in April 2008. The sites are in Tampa, Florida and Denver, Colorado. The installations with this particular retailer are scheduled to continue during the summer, with an additional 25 kiosks to be installed at various locations throughout the United States. The unmanned kiosks have live product custom window fashion samples and a consumer video presentation. The leads generated by the kiosks will be distributed to one of the roughly 180 V2K Window Decor and More franchises who will provide the infrastructure for order fulfillment. For more information, please visit us at our web site http://www.v2k.com.
About V2K International, Inc.
Through its wholly owned subsidiary, V2K Technology, V2K develops and licenses proprietary software that is designed to be used in the commercial and home decor markets. Almost anything can be done to the interior of a room utilizing its software. In a three dimensional view, where everything is 100% to scale, the user can add, adjust, color and texture walls, windows, doors, ceilings and floors, and then drag and drop items from a library of products into the scene. V2K Technology licenses a version of the software for custom window treatments to another wholly-owned subsidiary, V2K Window Fashions, which operates the franchise system, V2K Window Decor & More. Using the technology as the centerpiece of a franchise offering, V2K Window Fashions sells and supports franchises in the window fashion industry. V2K currently has approximately 180 franchisees operating in the United States, Canada and Aruba.
Forward-Looking Statement Notice: This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission (the "SEC"). All statements, other than statements of historical fact, included in the press release that address activities, events or developments that the company believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors the company believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company and may not materialize. Investors are cautioned that any such statements are not guarantees of future performance. The contents of this release should be considered in conjunction with the warnings, risk factors and cautionary statements contained in the company's recent filings with the SEC, including its Annual Report on Form 10-KSB and Quarterly Report on Form 10-Q. Furthermore, the company does not intend (and is not obligated) to update publicly any forward-looking statements, except as required by law.
SOURCE V2K International, Inc.