MSTI Holdings, Inc. Common Shares to Commence Trading as
FITX.OB on the OTC Bulletin Board and Announces Closing of $9.1 Million
HAWTHORNE, N.J.--(BUSINESS WIRE)--May 29, 2007 MSTI Holdings, Inc., a Telkonet company (AMEX:TKO) and a carrier class communications technology company that specializes in providing true quadruple play services to residential, hospitality and commercial properties, announced today that its shares will commence trading under the symbol FITX.OB on the over-the-counter bulletin board and that it closed on approximately $3.1 million of equity financing through the sale of common stock and warrants and approximately $6 million of debt financing through the sale of debentures and warrants on May 25, 2007. Palladium Capital Advisors served as our lead placement agent in connection with this offering. The proceeds of this financing will be used for debt repayment, acquisitions, and general working capital of the firm.
Frank Matarazzo, President and Founder of MSTI, said "Becoming a public company will allow MSTI to enjoy a much broader exposure to the investment community and will provide us with the access that we need to the capital markets for widening market share and growing our revenues and earnings." Mr. Matarazzo continued, "With the additional capital from this offering and the greater access to capital associated with being public, we are in a much better position to offer highly competitive services, utilizing the best technologies available within the satellite communications industry."
About MSTI Holdings, Inc.
MSTI Holdings, Inc. (OTCBB:FITX) is a communications technology company that specializes in video to the desktop, video conferencing, distance learning, two-way data, and Internet access services. MSTI offers complete sales, installation, and service of VSAT and business television networks, and is a full-service national Internet Service Provider (ISP), offering the latest in web hosting and design. MSTI's NuVisions Broadband services offer cable television, cable modem high-speed Internet, and telephone services to multi-family residences, commercial buildings, and institutional owners. MSTI delivers its services using microwave and fiber optic technology for superior performance, and now offers over 40 channels of high definition television (HDTV). MSTI has recently begun deployment of its new Interactive Wi-Fi, hot-zone system that will offer wireless Internet service in large geographic areas of New York City, and is introducing the newest Powerline Carrier (PLC) technology to high-speed Internet users in apartment buildings, hotels, and business environments. For more information, visit our websites at www.mst-online.com and www.nuvisionsbroadband.com.
Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand and the Company's ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential factors that could affect the Company's financial results, can be found in the Company's Registration Statement and in its Reports on Forms 8-K filed with the Securities and Exchange Commission (SEC).
CONTACT: Porter, LeVay & Rose, Inc. Michael Porter, President, 212-564-4700 mike@plrinvest.com www.plrinvest.com
Last Updated: May 29, 2007 09:00 EDT
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