Attached files
| file | filename |
|---|---|
| 8-K - MIKOJO Inc | v172258_8k.htm |
| EX-10.2 - MIKOJO Inc | v172258_ex10-2.htm |
| EX-10.1 - MIKOJO Inc | v172258_ex10-1.htm |
| EX-10.3 - MIKOJO Inc | v172258_ex10-3.htm |
| EX-10.4 - MIKOJO Inc | v172258_ex10-4.htm |
| EX-10.5 - MIKOJO Inc | v172258_ex10-5.htm |
| EX-10.7 - MIKOJO Inc | v172258_ex10-7.htm |
| EX-10.8 - MIKOJO Inc | v172258_ex10-8.htm |
| EX-10.6 - MIKOJO Inc | v172258_ex10-6.htm |
EXHIBIT
99.1
FOR
IMMEDIATE RELEASE
Mikojo,
Inc. Secures $23 Million Credit Facility
FOSTER
CITY, CA., January 26, 2010 – Mikojo Inc., (OTCBB: MKJI), an Internet search
engine company that develops and deploys innovative advanced information search
products for consumer and enterprise solutions, announced today that on January
22, 2010, it entered into a credit enhancement agreement (the “Facility”) with
Atlas Investment Corporation, pursuant to which Atlas will issue Letters of
Credit (LCs) to support Mikojo advertising expenses aggregating approximately
$23 million over a 14-month period.
Under the
terms of the Facility, Atlas will provide LCs issued by acceptable banking
institutions to serve as collateral for Mikojo’s agreements with its advertising
partners. It is anticipated that LCs will be issued, released and re-issued on a
revolving basis and that the maximum amount of LCs outstanding at any point in
time will be $5,000,000. The Facility has an initial term of 14
months, with an option to renew or rollover (at the sole discretion of Atlas)
for an additional 12-month period. The initial 14-month time frame
permits Mikojo to utilize a 2-month time period to ramp up its advertising
business, followed by 12 months of advertising operations. Atlas has
agreed to provide an initial LC in the amount of $1,000,000 the first month of
the Facility; two additional LCs aggregating an additional $2,000,000 the second
month and additional LCs totaling $2,000,000 the third month, to bring the
aggregate total to the agreed $5,000,000. It is anticipated that the
aggregate amount of LCs to be provided over the initial term of the Facility is
approximately $23 million.
EXHIBIT
99.1
In
consideration of Atlas providing the Facility, Mikojo shall issue senior
debentures to Atlas over the initial term of the Facility aggregating $4,600,000
(subject to adjustment in the event the full amount of the Facility is not
utilized), which will have staggered maturity dates commencing 3 months
following the issuance of the initial LC. Unless the facility is
prematurely terminated, the $4,600,000 is the estimated minimum amount of
debentures the company expects to issue to Atlas. In addition to the
Facility, Atlas will have the first right of refusal to arrange for factoring of
Mikojo’s receivables that are generated by utilizing the LC collateral provided
by Atlas. Such factoring could provide Mikojo with additional cash,
which could produce additional revenues through the ability support the
placement of additional advertising.
“The
completion of this Facility will enable Mikojo to rapidly expand its advertising
efforts, and support the completion of our next generation intelligent search
engine technology” commented James Cates, President and Chief Executive
Officer.
For
further information regarding Mikojo, Inc., please refer to
www.sec.gov.
About
Mikojo
Mikojo is
a provider of Internet search services and technology. Mikojo is implementing
technology that it believes will improve the search experience for consumers by
providing mechanisms for users to specify search queries that integrate multiple
data sources on the Internet. Based in Foster City, California, with offices
also located in Los Angeles and Australia, Mikojo has a history of technology
innovation in data integration and Internet search. The Company is incorporated
in Delaware and trades on the OTC Bulletin Board under the symbol
MKJI.
Forward
Looking Statement
This news release includes
forward-looking statements that are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. While these statements
are made to convey to the public the company’s progress, business opportunities
and growth prospects, readers are cautioned that such forward-looking statements
represent management’s opinion. Whereas management believes such representations
to be true and accurate based on information and data available to the company
at this time, actual results may differ materially from those described. The
company’s operations and business prospects are always subject to risk and
uncertainties. Important factors that may cause actual results to differ are set
forth in the company’s periodic findings with the U.S. Securities and Exchange
Commission.
EXHIBIT
99.1
Contact:
Timothy
Neher
O:
650.283.2653
E: tneher@mikojo.com
www.mikojo.com