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Radiant Cuts Debt, Raises Capital.
2005-08-31, HostMan.biz Canadian Internet service and Web hosting provider Radiant Communications (radiant.net) announced on Wednesday that it had secured a private placement worth approximately $7,935,000. Worthy Capital led the financing, which will eliminate most of Radiant's debt and raise $1.8 million in working capital. "This investment is a very significant step forward for our business," says Jim Grey, president and CEO for Radiant Communications. "With 30 percent annual growth in recurring connectivity revenue, the company requires increased working capital. This private placement will enable Radiant to eliminate substantially all of its debt as well as increase its cash reserves." The completion of the transaction is subject to approval by the TSE Venture Exchange and all other regulatory requirements. |
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