Lecere Announces $350,000 Investment Commitment: Reverse Split Disallowed
PORTLAND, Ore., Nov. 11, 2010 (GLOBE NEWSWIRE) -- Lecere Corporation (Pink Sheets:LCRE) announced today that the company has a letter of intent from an institutional investor to invest a total of $350,000 in the company over the next 90 days. This investor will purchase restricted preferred shares under Rule 505. The shares will be restricted from sale for a period of six months or longer.
The company believes it will need a total of about $1.4 million of Rule 505 investment capital from this time forward to reach profitability in a little less than one year. This initial $350,000 equity investment should give Lecere most of the operating cash it will need over the next three months to grow its business and raise the remaining portion of the $1.4 million target, while significantly reducing the need for future Rule 504 investments.
A clause in the private placement memorandum that particularly pertains to this investment and any future Rule 505 investments reads as follows: "It is agreed that The Company [Lecere] will not perform a reverse split without the written consent of all investors who participate in the purchase of restricted shares under this Offering until the time following the end of the first month in which The Company shows a monthly profit."
About LecereTM Corporation
Lecere Corporation (Pink Sheets:LCRE) of Portland, Oregon develops and markets Lecere FIRMSTM, an integrated, Web-based suite of interactive restaurant management software that runs on handheld wireless devices. FIRMS helps restaurants reduce their operational costs while enhancing their customers' experiences for increased revenues and profits. Visit our website www.lecere.com
Lecere and FIRMS are trademarks of Lecere Corporation. All other legal marks are the property of their respective owners.
CONTACT: Lecere Corporation
Jim Morris
503-894-8947 begin_of_the_skype_highlighting 503-894-8947 end_of_the_skype_highlighting
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