Peer 1 Network Extends Bridge Loan
Peer 1 Network Enterprises, Inc (www.peer1.com) announced today that the company has exercised its right to extend the maturity date of its $US 8 million bridge loan provided by Polygon Financial Investments, Inc. to finance the October 2004 purchase of ServerBeach Ltd.
The maturity date has been moved from June 30, 2005 to December 31, 2005. Upon exercising its right of extension Peer 1 became obligated to pay to Polygon Financial a fee of $US 400,000.
Polygon and Peer 1 have agreed that Peer 1 will satisfy this obligation in full by issuing 1,250,000 common shares, subject to regulatory approval.
About Aptum
Overall Rate
PEER 1 believes in the limitless opportunity of the Internet, and the business growth potential it provides for its more than 10,000 customers. As a global online IT hosting provider, PEER 1 offers a reliable high performance Internet network supporting scalable Managed Hosting, Dedicated Hosting through the ServerBeach brand, and Colocation solutions. Backed by its 100 percent uptime guarantee and 24x7x365 FirstCall Support™, PEER 1 ensures customers’ online presence is always fast, always available. Since 1999, PEER 1 has grown to... read more
Leave a Comment