PALO ALTO, Calif., July 23, 2012 /PRNewswire/ -- Sitoa Global Inc. (OTCQB: STOA) ("Sitoa" or the "Company"), an e-commerce solutions and service provider, today announced an investment from Ingenium Capital ("Investor"), a European based private equity firm that is focused on companies in special situations with strong growth and earnings potential. The funds will be used to continue the Company's expansion into the growing social e-commerce segment.
Ingenium Capital invested $500,000 in a private placement at a price of $0.15 per share and has an option to invest an additional $300,000 at a price of $0.30 per share. The Securities Purchase Agreement between the Company and the Investor was entered into in reliance on the exemption from registration under Regulation S and/or Section 4(2) under the Securities Act as the securities were issued to the entity through an offshore transaction which was negotiated and consummated outside of the United States.
"Given the recent public company offerings in Social Media and specialized Software as a Service (Saas), we believe that now is an appropriate time to raise expansion capital and we welcome this investment from Ingenium Capital," said George Yu, the Company's President and CEO.
About Sitoa Global Inc.
Sitoa Global provides an easy-to-use and comprehensive platform, the "Focused Social Marketplace" that enables online retailers to deploy a social marketplace e-commerce site. Sitoa's platform allows building marketplaces for online sellers with focused social customer networks to expand their sales channels without the risks of focus dilution, and increased capital and operating costs. Sitoa shares in revenues generated by the site in addition to charging integration and hosting fees. Additional information about Sitoa may be found on its website, http://www.sitoaglobal.com.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the continued growth of the e-commerce segment and the ability of the Company to continue its expansion into that segment; the ability of the Company to successfully grow its business with the proceeds from the investment from Ingenium Capital; the ability of the Company to successfully execute its business plan; the business strategy, plans, and objectives of the Company; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume any duty to update these forward-looking statements.
SOURCE Sitoa Global Inc.