ONGO...NEWS
Moving the Company Closer to Positive Cash Flow
via COMTEX
July 25, 2007
CEO Invests $1 Million in Company
CONCORD, Ontario, July 25, 2007 /PRNewswire-FirstCall via COMTEX News Network/ --
On The Go Technologies Group (OTC Bulletin Board: ONGO) ('OTG' 'the Company'), a leading multi- industry computer hardware, software and systems integrator, announced today that the Company has paid in full the promissory note between the company and Mr. Val Silva, associated with the 2006 acquisition of Solutions In Computing Inc.
On January 31, 2006, On The Go entered into an agreement to purchase certain assets of Solutions In Computing, Inc. in exchange for US $280,000. The acquisition price consisted of a combination of 700,000 shares of restricted stock, CDN $100,000 in cash and a promissory note for CDN $95,000 bearing an interest rate of 5% per annum. The note has now been paid in full over 1 year in advance of the August 1, 2008 deadline.
President and CEO Stuart Turk commented, "The elimination of this debt is a milestone, as we have now effectively gotten rid of all of the Promissory Notes related to our acquisitions over the past few years. As President and CEO, I am committed to eliminating the Company's debt and, as such, have converted $1 million dollars of debt owed to The Cellular Connection Ltd., a private company I own, into equity as reported in an 8k filed July 24, 2007. The combined eradication of debt over the past year has helped to strengthen our balance sheet and, once the remaining debt is eliminated, we will be in a much better position to operate as a profitable entity."
AI
