LONDON, April 11, 2011 (GLOBE NEWSWIRE) -- First Corporation (OTCBB:FSTC) announces an additional $250k investment commitment from Investa Securities per the Securities Purchase Agreement signed April 8, 2011.
Investa is obliged to invest a minimum of $250k within First Corporation per The Securities Purchase Agreement. Thereafter, Investa may invest up to a maximum of $2 million by way of 8% Convertible Unsecured Loan Notes subject to terms outlined in the Securities Purchase Agreement. This second investment brings Investa's position in First Corporation to $500k.
Andrew Clarke, CEO First Corporation, states, "Increasing the loan note issuance to $500,000 enhances our range of strategic options giving us the resources and opportunity to explore new opportunities. We expect this first $500k to be just the beginning of a series of investments. Whilst nothing is certain at this stage, we are hopeful that some of our current activities will lead to investments, mergers or acquisitions."
About First Corporation
First Corporation was incorporated under the laws of the State of Colorado on December 27, 1995. The Company's activities to date have been limited to organization and capital formation.
Forward Looking Statement
This news release contains forward looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the failure to meet schedule or performance requirements of the Company's contracts, the Company's liquidity position, the Company's ability to obtain new contracts, the emergence of competitors with greater financial resources, and the impact of competitive pricing. In the light of these uncertainties the forward-looking events referred to in this release might not occur.
CONTACT: Emerson Gerard Associates Jerry Jennings, 561-881-7318 email@example.com