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Beyond Commerce, Inc. Receives $1,500,000 from Linlithgow Holdings, LLC
HENDERSON, Nev., May 22 /PRNewswire-FirstCall/ -- Beyond Commerce, Inc. (OTC Bulletin Board: BYOC - News) www.beyondcommerce.com, an E-commerce solutions, local advertising and niche social networking company, today announced, that Linlithgow Holdings, LLC ("Linlithgow,") an entity owned and controlled by the immediate family of the Company's Chief Executive Officer, Robert McNulty, has provided the Company with an additional $1,500,000 in liquidity. Linlithgow putting these funds into the Company has strengthened the Company's cash position. The transaction has been approved by the independent board members, assuring the Company of an arm's length market value debt instrument for this risk.
Mark Noffke, the Company's Chief Financial Officer stated, "this is an important transaction for the Company as it puts the Company in a stronger financial position going forward. We are excited about the opportunities this transaction will afford us. We feel it is a testament to the Company and its management that we have the confidence of the McNulty family to ensure the success of Beyond Commerce, Inc. They have stepped up and put their money to work, at a time when many investors continue to sit on the sidelines."
Through this transaction, the Company has received $1,500,000 in cash proceeds. Robert McNulty is not a member, nor a manager, of Linlithgow and he disclaims any beneficial interests in shares held by Linlithgow. Mr. McNulty does not have ownership or the right to exercise any voting rights in respect of these shares, nor does he have the right to dispose of these shares. This $1.5 million cash infusion, along with a newly established $50 million monthly line of credit for card processing, will ensure the Company's continued growth and rapid expansion.
About Beyond Commerce, Inc. Beyond Commerce, Inc. (OTC Bulletin Board: BYOC - News) www.beyondcommerce.com, provides best in class products, services, and solutions by being the low cost provider in its market sector. i-SUPPLY, www.i-SUPPLY.com, offers easy to use, fully customizable E-commerce services, and revenue solutions for any Web site, large or small, and hosts local ads, providing extensive reach for our proprietary advertising partner network platform. LocalAdLink, www.LocalAdLink.com, is a local business search directory and advertising network that brings local advertising to geo-targeted consumers. BOOMj, www.BOOMj.com, is the leading niche portal and social networking site for Baby Boomers and Generation Jones.
Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "plan," "confident that," "believe," "scheduled," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and subject to the Safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to the company's access to additional capital competitive factors, the company's ability to consummate its acquisition strategy, consumer acceptance of the company's products and dependence on key management.
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