Microelectronics Technology Corporation previously announced the completion of negotiations of an initial round of convertible preferred financing in the amount of $240,000.00 by an arms length private Small Cap Venture fund.
The Company is pleased to announce the terms of the financing have been enhanced to provide the company with commitment to invest $2,500,000.00 during the next 3 quarters of 2012. The financing will be available to the company in tranches of $500,000.00 based upon completion of certain milestones by the company concerning network development and customer acquisition.
This will bring a total of Convertible preferred financing commitment to $2,740,000.00. The Company will receive the first tranche of funding under the terms of the agreement this financial quarter.
The proceeds of the initial round of financing are to provide equipment acquisition, servers, software development and general working capital.
The company is at the stage in its development where the application of additional funds will provide for the rapid deployment of addition equipment required to complete the alpha testing of the Sproq Web Application Hosting Module Programming.
Upon successful alpha test completion, the next phase of development will be to establish a commercial co-location facility with the bandwidth, security and reliability required to meet the scalability of the Sproq Node modules.
Sproq next generation cloud application hosting customers will be able to start with a single sproqet. As they need to scale up they will be able to purchase additional sproqets.
Sproq.com service is currently under development, with developmental servers and hardware already deployed. Sproq.com is scheduled for launch second quarter 2012 and Cloud Data Corp is planning for the first point of presence in Seattle, Washington.
A pre-beta launch sign up is available at www.sproq.com where invites will be sent out for our beta.