A pink with $78 cash, no revenues the past few years and a checkered history (and Norm Birmingham somehow involved) is going to get $100M in financing and uplist to AMEX/NASDAQ?
WASHINGTON, DC--(Marketwired - Nov 18, 2013) - Virtual Sourcing, Inc. (OTC Pink: PGCX) has received an increase to $25 million in acquisition financing in preparation for additional acquisitions currently being reviewed. Our capital formation agreement for acquisitions and operational funding remains at $25 million bringing our current total engagement package to $50,000,000.
We are expecting to close the initial acquisition in mid-December. Our auditors are continuing to work diligently with the expectation of releasing the audit report near the end of the first week of December 2013 allowing us to close the transaction shortly thereafter.
Discussions have been held on the need to increase the capital formation package. These discussions indicate that it is likely the capital formation engagement would be increased to at least sufficient funds to complete the second acquisition in Spring 2014. The requirement to close the second acquisition would cause the capital formation package to rise to approximately $75 million meeting our total funding needs of $100,000,000 to complete both acquisitions plus supply funding for product expansion and operations.
We are developing an initiative to reach institutional investors and the brokerage community. The initiative will have a full launch in January 2014 with site visits to several locations. This project is the next primary step to raising our share prices to the sustainable level required to meet the qualifications for acceptance to the AMEX/NYSE stock exchange.
AI
