IT Capital muddles through

After issuing a press release claiming small stakeholders had scared off any potential investors, IT Capital has issued another statement saying it has secured commitments of $2.1 million.

After issuing a press release claiming small stakeholders had scared off any potential investors, tech investor IT Capital has issued another statement saying it has secured commitments of $2.1 million.

While being less than it had originally hoped for, IT Capital will still be able to purchase 70% of Sealegs International and 50% of Conceptual Solutionz for a total of 87.5 million shares. The company will not proceed with the proposed investment in Datasquirt, says chairman John Robertson in a written statement.

IT Capital's management team of former PC Direct directors David McKee Wright and Maurice Bryham own the three start up companies and had structured a deal that would see IT Capital buying the companies from the pair in exchange for 137.5 million shares in IT Capital, valued at 4 cents per share.

Join the newsletter!

Error: Please check your email address.

Tags IT Capital

More about PC Direct

Show Comments
[]