TUCSON, Ariz., Nov. 1 /PRNewswire/ -- BestNet Communications Corp.
(OTC Bulletin Board: BESC) provider of patented Internet-based
telecommunication solutions, announced today that it has entered a strategic
financing agreement with the Laurus Family of Funds. Laurus is a private
equity fund, based in New York City, which specializes in providing financing
to growing small and mid-capitalization companies.
This agreement generates initial gross proceeds to BestNet of $500,000.
Laurus and BestNet are exploring the possibility of additional $5,000,000
financing over the next 12 month period if required.
Robert Blanchard, President & CEO for BestNet said; "This financing allows
the Company to focus its efforts on revenue growth through the development of
strategic marketing relationships. As the financial markets are showing
uncertainty now, we are pleased to form a relationship with a respected
institutional investor that shares our vision and has committed to our
long-term growth.
"We believe that the quality of the BestNet management team combined with
the long-term potential of their patented solutions, presents a substantial
investment opportunity for Laurus Funds," said David Grin, fund manager for
Laurus. "As with all Laurus investments, we are planning a long-term
relationship with BestNet and regard this funding as the first step in
providing the Company with the financial support necessary to meet its current
and future objectives."
BestNet Communications Corp. is an Internet-based provider of long
distance, conference calling and e-commerce communication services. BestNet's
service uses access and control of the Internet with existing telephone
infrastructure (i.e., the public switched telephone network) to complete
calls. The Company provides access to its services via the web, desktop and
handhelds including Palm(TM), Pocket PC(R) and Blackberry(TM) devices. The
patented Bestnetcall.com system provides toll quality, global access, low
rates, real-time billing and call management features. Bestnetcall.com is
used by business and residential customers in over 120 countries. To learn
more about Bestnetcall, visit our website at: http://www.bestnetcall.com
This press release contains certain forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. This information may involve risks and uncertainties that
could cause actual results to differ materially from such forward-looking
statements. Factors that would cause or contribute to such differences
include, but are not limited to, those factors detailed by BestNet
Communications Corp in its filings with the Securities and Exchange
Commission.
For further information please contact BestNet Communications Corp.,
+1-520-750-9093, ext. 207.
SOURCE BestNet Communications Corp.
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Related links:
http://www.bestnetcom.com
Company News On-Call:
http://www.prnewswire.com/comp/111429.html
CONTACT:
BestNet Communications Corp.,
+1-520-750-9093, ext. 207
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