Sanwire (OTC: SNWR), a diversified company with a focus on technologies for the entertainment industry, today announced it has secured gross proceeds of $200,000 through the sale of a $240,000, 24-month convertible note to ProActive Capital Partners LLC, a New York-based institutional fund. According to the update, the note has a fixed conversion price of $0.14 per share. Sanwire intends to use the proceeds for general corporate purposes and to advance the development of its wholly owned subsidiary, Intercept Music, a marketing and distribution software-as-a-service (“SaaS”) company with a focus on technologies for the entertainment industry. Upon funding, ProActive will receive 10 million warrants to purchase common stock at an exercise price of $.014 for a period of 60 months. “We were introduced to ProActive about 6 months ago,” said Chris Whitcomb, CEO of SanWire. “Their name — ‘Partners’ — really says it all. Not only have they taken the time to understand our business model and the opportunity, but they bring the financial expertise we need to position the company to be attractive for investors so we can expand internationally, ideally move up in markets, and continue to partner with the biggest music companies in the world like we have with Universal Music. ProActive has been there with us every step of the way.”
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About Sanwire Corp.
Sanwire, a diversified company with a focus on technologies for the entertainment industry, has been involved in aggregating technologies for a number of years. The company looks for opportunities in fragmented markets where technology can be applied to consolidate services into a single platform of delivery. Sanwire’s current focus is advanced entertainment technologies. For more information about the company, visit www.SanwireCorporation.com
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