eDoorways Corporation

November 12, 2009 08:35 ET

eDoorways Seeks to Increase Current Credit Facility

At Company's Request, AJENE WATSON LLC's Lending Division Likely to Boost Original $500,000 Line of Credit

AUSTIN, TX--(Marketwire - November 12, 2009) - The eDoorways Corporation (PINKSHEETS: EDWY), which in 2009 has raised approximately $1.25 million, seeks to secure additional capital by increasing the current revolving credit facility in place with AJENE WATSON, LLC. The initial credit facility of $500,000 was established January 2009 for which the company pays an interest rate of prime plus 2%.

Gary Kimmons, Chairman and CEO of eDoorways Corporation, said, "Our strategy has always been to fund only as we need it, with the funds pre-arranged from the best available source. The original $500,000 line of credit was sufficient when we established it back in January, but our business has grown quickly, and our need for short-term liquidity has grown as well."

Ajene Watson, Managing Member of AJENE WATSON, LLC, a private lending and financial business development and management firm, stated, "eDoorways has made immense progress in the last few months. We believe there is good merit in Mr. Kimmons' case to expand the credit facility. We're fairly confident we will see a successful delivery of 'Beta 1.0' in December, therefore supporting our belief that an increase in the company's current line will be a well-placed endeavor."

Watson continued, "The credit facilities we generally offer, whereby the company is a client of the business development and management division of our firm, are normally non-dilutive. These finance vehicles do not require registrations or collateral stock of any kind to secure the transactions and the company has the option to repay us in cash within a reasonable timeframe and without a prepayment penalty."

Sources close to the situation indicate that based on the strong working relationship between the two companies, it is expected that the revolving credit facility could possibly be increased by at least an additional $1 million.

About eDoorways Corporation

For more information on eDoorways Corporation and/or the "eDoorways" initiative, please e-mail a package request to You can also visit our corporate website at, make comments via the corporate blog (, follow us on Twitter (, or call toll free at (866) 482-3829.

Safe Harbor

Statements in this news release that are not historical facts, including statements about plans and expectations regarding products and opportunities, demand and acceptance of new or existing products, capital resources and future financial results are forward-looking. Forward-looking statements involve risks and uncertainties which may cause the Company's actual results in future periods to differ materially from those expressed. These uncertainties and risks include changing consumer preferences, lack of success of new products, loss of the Company's customers, competition and other factors discussed from time to time in the Company's filings with the Securities and Exchange Commission.

Contact Information

  • For further information, contact:
    At The Company:
    eDoorways Corporation
    Investor Relations
    (866) 482-3829

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    Mike Graff
    The Investor Relations Group
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    Enrique Briz
    Email Contact

    (212) 825-3210