BAXL Technologies Raises $8.5 Million in Concurrent Reverse Merger and Private Equity Offering
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BETHEL, Conn., Sept. 4 -- BAXL Technologies, Inc. ("BAXL"), a privately held technology solutions company that enables the transmission of voice, data and video over existing wiring, announced that it has successfully completed a reverse merger transaction whereby BAXL became a wholly-owned subsidiary of Allmarine Consultants Corporation (BULLETIN BOARD: ALMN) .
The transaction was completed by the merger of a wholly-owned subsidiary of Allmarine and BAXL, with BAXL as the surviving corporation. In connection with the merger, the officers and directors of BAXL replaced all of the officers and directors of Allmarine, and the Company will retain all BAXL employees. BAXL will maintain its principal operations in Bethel, CT. In conjunction with the merger, the Company completed a private placement, resulting in gross proceeds to the Company of approximately $8.5 million. The company said it plans to use the proceeds for future expansion, working capital and general corporate purposes
Gus Bottazzi, CEO said, "As a public company, with an installed base of over 30,000 units across 180 properties worldwide, we now have the financial resources to continue our expansion throughout Europe and North America, as well as advance our key programs of new product lines and research of technologies under development."
Holders of the outstanding shares of Allmarine and BAXL immediately prior to the closing will own approximately 10.34 percent and 52.63 percent of the Company respectively. The purchasers in the offering will own approximately 37 percent of the Company. Approximately 78 percent of the BAXL shares in the merger will be subject to lockup agreements.
Allmarine plans to change its name to BAXL Holdings, Inc. as soon as practical after all applicable requirements can be satisfied.
About BAXL Technologies, Inc.
BAXL Technologies, Inc., is a solutions provider enabling the reliable delivery of wired and wireless broadband applications including voice, video and data, over any existing wiring. BAXL's Merlot Solution is easy to install and use, yet powerful enough to fully utilize all the benefits of present day and future broadband applications with guaranteed fixed bandwidth. The Merlot Solution allows the delivery of advanced applications including High Speed Internet Access (HSIA), Video on Demand (VOD), Voice over Internet Protocol (VoIP) and Video Security & Surveillance, without the added expense of wire upgrades, or the need for modems or local power. BAXL's customers include many of the world's leading hotels, as well as multiple tenant properties and is marketed and sold through Telecom, Cable, Satellite and Technology Providers. Founded in 1997, BAXL is headquartered in Bethel, Connecticut. For more information please visit http://baxl.net/.
Source: BAXL Technologies, Inc.
CONTACT: US media, Brian Kennedy, brian@allencaron.com, of Allen & Caron, +1-212-691-8087, for BAXL; or Gus Bottazzi, CEO, gus@baxl.net or Mary Brandon, COO, mary@baxl.net, both of BAXL Technologies, +1-203-730-1791
Web site: http://baxl.net/
