SPRINGFIELD, Ohio, January 25, 2018, /PRNewswire/ HUTN Group Inc., a unit of HUTN, Inc. (OTC: HUTN) closed on a $4.6 million financing by JP Morgan Chase. HUTN Group will allocate the resources to support product development and marketing of new digital services by subsidiaries EF Hutton, Inc., Vibrant Mobility, Inc. and Megga, Inc. Funds will be used for general corporate purposes, and the redemption of existing, high-cost floating-rate debt yielding 8.50%. The financing is due on February 1, 2019 was guaranteed by major shareholders and carries afixed rate of only 3.04%.
JP Morgan Chase is a leading global financial services firm and one of the largest banking institutions in the United States with operations worldwide.
According to HUTN CEO Christopher Daniels, the financing will add fuel to the execution of our marketing strategies, supporting customer development and user acquisition for the various products and platforms of our subsidiaries. We appreciate JP Morgans decision to finance HUTNs growth.
About HUTN, Inc.
HUTN, Inc. is a holding company whose subsidiaries provide B2C internet services. HUTN Group Inc., a wholly owned subsidiary of HUTN, Inc. is the parent company of: (i) EF Hutton, Inc., a provider of digital finance and investment services, and a legendary brand that has been known for innovation for over 113 years; (ii) Vibrant Mobility, Inc., a mobile communications services provider; and, (iii) Megga, Inc., an integrated social networks andonline services provider. HUTN, Inc.s subsidiaries offer innovative financial products designed to work for everyday people. HUTN, Inc. stock is traded under the symbol HUTN. Learn more at www.efhutton.com.
Cautionary Note Regarding Forward-Looking Statements. Certain statements contained in this press release that are not historical facts may constitute "forward-looking statements" as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
EF Hutton, Inc., Vibrant Mobility, Inc., and Megga, Inc. are subsidiaries of HUTN, Inc.