SIMI VALLEY, Calif., Oct. 23, 2012 (GLOBE NEWSWIRE) -- InterMetro Communications, Inc. (Ticker:IMTO), on October 12, 2012, accepted the initial $295,000 of investment in Series A2 Preferred Stock in conjunction with the new 3 million dollar facility recently announced with Transportation Alliance Bank, Inc. ("TAB Bank"). InterMetro has designated the maximum limit of $1.0 million of preferred shares for this offering, which are convertible into shares of common stock at $0.15 (fifteen cents) per share.
"The additional equity capital strengthens our ability to further deploy new and existing products and services while supporting our continued revenue growth. This new investment is further validation of the Company's technologies," stated Charles Rice, Chief Executive Officer of InterMetro.
The Preferred Stock was sold to accredited investors in a private placement exempt from the registration under Regulation D of the Securities Act of 1933, as amended. Proceeds from the equity raise will be used for general working capital purposes.
About InterMetro Communications:
InterMetro Communications is a leading facilities-based IP communications provider of enhanced voice and data communication services. InterMetro owns and operates a national, private, proprietary voice-over Internet Protocol (VoIP) network infrastructure powered by state-of-the-art switching equipment and software. InterMetro's robust network transports carrier-quality, cloud-based enhanced voice and data services that are packaged into customized products. This network powers some of the industries' leading providers of converged communication services such as: wholesale transport carriers, wireless providers, broadband phone companies, VoIP service providers, prepaid service providers, and voice-enabled application service providers. InterMetro's experienced team has a customer-centric approach with a proven track record of success.
Source:InterMetro Communications, Inc.