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SAVY up 55% here on some HUGE FUNDING NEWS. Hammer

SaveDaily Closes $3 Million of Secured Convertible Debt FinancingFont size: A | A | A9:28 AM ET 4/5/12 | PR Newswire
SaveDaily, Inc. (OTCBB: SAVY), the leading provider of low cost mutual fund investing platforms used by financial institutions, today announced that the company has entered into a financing and security agreement for up to $3 million of secured convertible debt funding.

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The company is closing initially on $1,250,000 with an additional $500,000 to be closed before year end. The company has granted the lender a senior first priority lien in, to and under all assets, tangible and intangible. The lender has the option to bring in an additional $1,250,000 based on predetermined criteria, for a total of $3 million in new funding.

"We believe that this additional capital investment, as a follow-on to our original investment of $750K, will permit SaveDaily to deliver on its growth trajectory," explained Steve Durbin, managing partner of Quail Bend LLC. "I noted last year that it's rare to find a company that has the potential to alter the investing landscape as dramatically as SaveDaily can through its mutual fund platform, which for the first time truly opens up this investment category to the mass market. By this second investment we re-affirm our belief in that statement and commitment to SaveDaily's growth."

Credit unions, banks and other financial service providers adopting the SaveDaily platform can offer mutual fund investing to their customers at extremely low cost under their own brand. For one low flat monthly charge, investors in these mutual funds can have unlimited positions and unlimited transactions without transaction fees.

"Eliminating the need for high initial amounts to open an account or requiring ongoing contributions, this unprecedented model provides greater opportunities for average savers to plan and execute their savings goals by allowing them to invest conceivably as little as a penny when and how they want," said Jeff Mahony, SaveDaily CEO.

The descriptions of the Financing and its terms, including costs, descriptions of security, warrants to acquire additional securities, and other funding provisions, are outlines which do not purport to be a complete statement of the funding transaction or of the parties' rights and obligations under the Financing Documents. The announcements in this press release of the Financing are qualified in their entirety by reference to the Financing Documents that will be attached as exhibits to the company's Report on Form 8-K that that s being filed in connection with the Financing.