BOCA RATON, Fla., May 19, 2011 (GLOBE NEWSWIRE) -- Littlebanc Advisors, LLC, Boca Raton, Florida, announced the completion of a private placement financing totaling $3 million in the form of senior secured convertible debt for SkyShop Logistics, Inc. The single Institutional Investor, LBI Investments, LLC, is an affiliate of Littlebanc, which acted as the sole placement agent and financial advisor.
The proceeds of the offering will be used to market SkyShop's unique Sales Tax Free Zone to non-U.S. resident online shoppers. International shoppers using the company's U.S. address facility in Miami, Florida, will now be exempt from paying the 7% Florida State and Miami Dade County Sales/Use tax. Under its recently signed agreement with American Express, the company will market its U.S. address facility to AMEX cardholders in Eastern and Central Europe and the Middle East. These regions have a large, growing internet consumer base with disposable income seeking to shop from U.S. online merchants.
"We believe this financing will enable us to dramatically expand e-merchant and consumer awareness and utilization of our cross-border shopping facilitation capabilities," said A.J. Hernandez, President of SkyShop Logistics, Inc.
Client Information
SkyShop Logistics, Inc., (OTCBB:SKPN) is an e-commerce service company that provides cross-border shopping facilitation services to non-US based shoppers accessing US online merchant sites. The service provides a U.S. address to simplify shopping as if the buyer resided in the U.S. The company's shopping portals facilitate the experience of the online international shopper from the time of purchase through cross-border delivery. SkyShop's services allow U.S.-based Internet merchants to accept international orders without the risks. The company markets its services under agreements with major world banks and credit card companies, including American Express, HSBC, Citibank, Santander, Itau in Brazil, and Banamex in Mexico. These agreements offer the bank's credit/debit card members shopping portals, under the bank's brand, that facilitate their purchases at U.S. merchant sites. Clients use the SkyShop Tax Free Zone Address as their U.S. shipping address. Upon receipt at SkyShop's Miami Airport hub, the goods are inspected, repacked and documented for shipping to the buyer's home country. Upon arrival at the destinations, SkyShop arranges customs clearance, pays applicable foreign duties and taxes and delivers the merchandise to the consumer's home.
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About LBI Investments, LLC
LBI Investments, LLC, an affiliate of Littlebanc Advisors, LLC, is a merchant bank that invests in small, high quality growth companies. LBI Investments, LLC takes an active approach to its portfolio companies and assists these companies in realizing their potential.
About Littlebanc Advisors, LLC
Littlebanc Advisors, a merchant and investment banking firm, specializes in funding small, high quality growth companies. With its roots in research and long established Wall Street relationships, Littlebanc matches client companies with partner-minded investors fostering a stable and long- term shareholder base.
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Littlebanc Advisors LLC, securities offered through Wilmington Capital Securities LLC, Member FINRA/MSRB/SIPC.
CONTACT: LITTLEBANC CONTACT INFORMATION Michael Margolies, CEO 561-948-0986 mm@littlebanc.com