OTCPicks Featured Company: IPtimize Inc. (IPZI.PK) Closes $1.65 Million Bridge Loan to Fund Expansion of Core Offering
IPtimize, Inc. announced the closing of a bridge loan agreement, taken effect as of today, which was with a group of non-affiliated lenders. The company borrowed an aggregate of $1,650,000 to fund its offering of broadband voice and data services to the cable TV industry. The loan was represented by a nine-month promissory note bearing interest at the rate of 12.99% per annum and convertible into shares of the company's common stock at $0.45 per share. Through the Bridge Loan Agreement, IPtimize gained the right to prepay the loan amount on 45 days prior written notice at any time after…