CirTran issued a $3.75 million convertible debenture to Highgate House
Funds, Ltd., a New York investment group. CirTran
used the funds to retire separate notes of $1.7 million and $565,000, respectively.
CirTran gained a net cash
of $1.24 million, which will be used to fund its operations in the U.S.
and China," founder and president Iehab J. Hawatmeh said in a press
statement.
CirTran
will also save $254,000 -- 57% -- in annual
interest payments.
Last week, CirTran reported EBITDA of $26,518 and positive shareholder
equity for the first quarter of fiscal 2005.
For the month new orders and backlogs were down 2.0 points and production slid 1.8 points. Inventories at manufacturers ticked down, but customer stock levels jumped six points.