SOURCE: Auction Floor, Inc.

March 04, 2008 08:30 ET

Auction Floor Announces Closing of Private Placement

SCOTTSDALE, AZ--(Marketwire - March 4, 2008) - Auction Floor, Inc. (PINKSHEETS: AFLO) (FRANKFURT: ZUI), a leading web-based technology provider to the auction industry, announced today it has successfully completed the closing of a $1.45 million dollar private placement. American Capital Partners (www.americancapitalpartners.com) served as the investment banking advisor and placement agent for the financing. The Company will proceed with its SEC registration in order to secure an OTCBB listing by the end of the third quarter 2008.

"This financing has been well planned, and aligned with our strategic interests to strengthen our shareholder base and maximize value as we continue an orderly build out of our technical infrastructure, and execute on our business strategy," said Lou Sagar, CEO. Parallel with the closing of this financing, the Board of Directors have declared 1 for 25 reverse split of the Company's common and preferred stock.

Through its web hub, www.auctionfloor.com, the Company is working with auction houses, charities, and direct consignors to simplify auction event management, and utilize its online bidding platform to reach qualified bidders via the Internet.

If you would like to receive Auction Floor news via email please notify us at info@auctionfloor.com.

CAUTIONARY STATEMENTS

This document does not constitute an offer to sell or a solicitation of an offer to buy any of our securities. This document contains 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. These forward-looking statements may include projections of matters that affect revenue, the ability to develop or license certain technologies; operating expenses or net earnings; projections of capital expenditures; projections of growth; hiring plans; plans for future operations; financing needs or plans; plans relating to the company's products and services; and assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking information.

Contact Information

  • Contact:
    Jeff Forster
    Auction Floor, Inc
    877-282-3567