iBrands Corp. (IBRC)

[mdimport]

This will probably close next week or in the next few weeks. July 4th week is always slow, especially mid-week.

$10M is a pretty decent chunk of change, so the investor must be pretty confident that IBRC will succeed.


iBrands Corp. (OTC: IBRC) is pleased to announce it has received a Conditional Commitment Letter from an undisclosed investment group intending to provide the company with $10 million USD. This funding is for the completion of the company's acquisitions, software enhances for iMenu24/7 and working capital. According to the company, all of the terms and fees of the financing have been agreed upon. The company expects to receive the first tranche of funding in the next 90-days.

"We have signed a non-disclosure agreement with the investment group, so we are yet unable to identify this group," states Paul Smith, CEO of iBrands. "We have been working with representatives of this group for several months and are excited that an investment group of this size and reputation have determined our company is worthy of their commitment." Mr. Smith further states, "It isn't easy raising capital in this tough economy and competition for limited available capital is fierce. The next step for the company is the completion of a due diligence procedure followed by the development of required closing documents."