SHELBYVILLE, Ky., July 10, 2014 /PRNewswire/ -- FullCircle Registry, Inc. (OTC Bulletin Board: FLCR) is pleased to announce that it has entered into a $1.5 million common stock purchase agreement with Kodiak Capital Group, LLC, a Newport Beach-based institutional investor.
Under the Agreement, FullCircle is to file a registration statement with the Securities & Exchange Commission ("SEC") covering the shares that may be issued to Kodiak under the terms of the common stock purchase agreement. After the SEC has declared the registration statement effective, FullCircle has the right, at its sole discretion over a period of one year, to require Kodiak to purchase up to $1.5 million in common stock at a formula price.
FullCircle plans to utilize the proceeds to acquire Durable Medical Equipment (DME) distributorships in rural markets in Louisiana and adjacent markets to provide "exit plans" for the owners of the businesses.
In addition to funding the DME acquisitions in Louisiana, the proceeds of the offering will be used to complete the upgrade WOW factor of FullCircle's Georgetown 14 Cinema Theater in Indianapolis.
Norman Frohreich, President and CEO of FullCircle Registry, commented, "This completes our funding sourcing work of several years. We have engaged with multiple funding sources and reviewed multiple term sheets and are pleased that we have finally aligned with Kodiak to be able to proceed with our business model. We have made significant progress in our acquisition plans. Now that funding is available, we expect that negotiations and agreements with several DME businesses will be completed this year for cash, notes, stock or a combination thereof. The sellers of the DME businesses and the FullCircle stockholders should experience an appreciation in the company value as the model develops with our increased revenues."
Colin Manners, Director of Business Development at Kodiak, said, "We are pleased to add FullCircle to our group of partners and we desire to participate in the continued development of its business model. With the difficulty of obtaining financing for small businesses to be able to sell their companies, the solution of exchanging a portion of the purchase with a public company's stock, for equity, to provide liquidity for the owner is a win-win solution."
Additional details regarding the financing are included in an 8/K filed on July 10, 2014 by the Company with the Securities and Exchange Commission.
Additional information about FullCircle Registry, Inc. may be obtained at the company's web site www.fullcircleregistry.com.
About Kodiak Capital Group, LLC
Kodiak is an institutional investor headquartered in Newport Beach, CA. Kodiak makes private investments in public and private entities utilizing proprietary equity and debt instruments. These investments provide long-term strategic capital offering companies certainty, flexibility and consistency. Kodiak's investments are in a wide range of industries emphasizing alternative energy, consumer products, life sciences, natural resources and social media technology. For more information, visit www.kodiakfunds.com.
Information Contact: Norman L. Frohreich, President and CEO, FullCircle Registry, Inc., Direct line: 574.238.3699.
Forward-Looking Statements: This release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements as to future operating results and plans that involve risks and uncertainties. We use words such as "expects", "anticipates", "believes", "estimates", the negative of these terms and similar expressions to identify forward looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by those projected in the forward-looking statements for any reason.
SOURCE FullCircle Registry, Inc.