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CirTran Ends Contracts with Investment Firm
SALT LAKE CITY - -CirTran Corp., an contract electronics manufacturer, today announced the termination of a pair of finanical arrangements worth up to $25 million with Cornell Capital Partners.
CirTran cancelled a standby equity distribution agreement (SEDA) signed more than a year ago and worth $20 million. The EM company also cancelled a $5 million equity line of credit with Cornell.
Iehab J. Hawatmeh, CirTran's founder and president, said the termination of his company's relationship with Cornell came after CirTran negotiated and completed issuance of a $3.75 convertible debenture at "far more favorable rates" as the latest step in its strategic financial plan.
Hawatmeh said CirTran will withdraw the registration statement currently being reviewed by the SEC regarding shares to be issued to Cornell. In addition, he said that CirTran will receive more than 38 million of its shares currently held in escrow by Cornell in connection with the previously-outstanding notes, and that CirTran will not issue any additional shares of common stock to Cornell with relation to the equity line or SEDA.
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