Financing Enables Management Team to Focus on Business Development
SYOSSET, NY (September 16, 2009) -- ECHOMETRIX, Inc., (OTCBB: EHMI) a leading developer of analytic applications for user-generated digital content, today announced it has signed an agreement with Rock Island Capital, LLC to issue Class B Preferred Convertible Stock at a $9.09 purchase price. The net proceeds of the financing will be used to allow the Company to execute its corporate development objectives consistent with its long term goals.
The financing will be used to expand the business and better position Echometrix’s products. Plans include, but are not limited to, expanding sales and distribution, executing marketing plans, and developing strategic partnerships for the Family Safe Internet Protection Products.
Jeffrey Greene, Chief Executive Officer of Echometrix states “This investment gives our new management team the resources to execute plans to deliver our cutting edge products and grow our business. Our suite of products and the recent capital infusion allows us to effectively compete in today’s fast paced digital marketplace.”
Jay Safier, a managing partner at Rock Island Capital, LLC added “Echometrix is a company with compelling technology that can make a difference in helping to keep children safe on the Internet. Our investment objective is to give the management team the resources necessary to execute their strategy. We have tremendous confidence in the management team led by Jeffrey Greene, Chief Executive Officer, Peter Sealey, Chairman of the Board and Erica Zalbert, Chief Financial Officer and look forward to helping them meet and exceed their goals.”
Echometrix (OTCBB:EHMI) develops software services committed to real-time online protection and family safety and specializes in developing digital tools that delivers brand metrics, real-time market intelligence and consumer market research. For more information, visit www.echometrix.com
Rock Island Capital, LLC is an investment group based in Aventura, Florida comprised of seasoned business professionals with decades of operational experience. The group seeks companies with compelling value and exceptional growth potential.
"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Statements in this press release or in other Echometrix communications may relate to future events or Echometrix' future performance. Such statements are forward-looking statements and are based on present information Echometrix has related to its existing business circumstances. Investors are cautioned that such forward-looking statements are subject to inherent risks and that actual results may differ materially from such forward-looking statements. Further, investors are cautioned that Echometrix does not assume any obligation to update forward-looking statements based on unanticipated events or changed expectations. Echometrix makes such forward-looking statements under the provisions of the "safe harbor" section of the Private Securities Litigation Reform Act of 1995.
Contacts:
Investors -
Peter Charles
(516) 802-0223 ext 427
pcharles@echometrix.com
Media -
David Bassiouni
(917) 403-1136
davidb@bassiounigroup.com
