AVENTURA, FL--(Marketwired - November 02, 2016) - Orbital Tracking Corp. (OTCQB: TRKK) ("Orbital Tracking" or the "Company") announced today that it has raised approximately $350,000 through a private placement of the Company's restricted preferred stock with existing institutional shareholders.
The Company issued 87,500 shares of restricted Series H Preferred Stock, par value $0.0001, stated value $4.00, which is convertible into the Company's Common Stock at $0.04 per share, raising proceeds of $350,000. The Company intends to utilize the proceeds of this capital raise to fund its continued expansion, invest in additional inventory and back-end systems required to support anticipated future sales growth, and conduct additional late stage product development activities.
"We believe that Orbital Tracking is at an inflection point as continued growth trends and positive operational metrics confirm that the business is on track. This financing will assist in supporting our continued growth and demonstrates the continued sponsorship of our principal shareholders. The Company continues its commitment to adequately fund the business while protecting long-term shareholder value," said David Phipps, Chief Executive Officer of Orbital Tracking Corp.
About Orbital Tracking Corp.
Orbital Tracking Corp. provides satellite-based tracking services as well as mobile voice and data communications services globally via satellite to the commercial and Government users. Orbital Tracking Corp. specializes in services related to the Globalstar satellite constellation, including ground station construction, simplex tracking services and satellite telecommunications voice airtime. Orbital operates various e-commerce retail and tracking portals where users around the world can purchase satellite hardware and track assets in real-time on mobile devices or PCs. For more information regarding Orbital Tracking Corp., please visit www.OrbitalTracking.com
Certain statements in this release constitute forward-looking statements. These statements include the capabilities and success of the Company's business and any of its products, services or solutions. The words "believe," "forecast," "project," "intend," "expect," "plan," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors, any of which could cause the Company to not achieve some or all of its goals or the Company's previously reported actual results, performance (finance or operating) to change or differ from future results, performance (financing and operating) or achievements, including those expressed or implied by such forward-looking statements. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the SEC, copies of which may be obtained from the SEC's website at www.sec.gov. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.