Calibrus, Inc. Completes $1,000,000 Convertible Debenture Offering

TEMPE, Ariz., July 26 /PRNewswire-FirstCall/ -- Calibrus, Inc., located in Tempe, Arizona, a development company in Social Online Networking and Mobile Applications and leader in Third Party Verification Services (TPV), today announced the completion of its final $250,000 round of Convertible Debentures.  On July 23, 2010, the Company completed the sale of the balance of 50 Units for proceeds of $250,000, for total offering proceeds of $1,000,000.

The terms of this financing are based on the same formula for previous investment in this financing.  Calibrus, Inc. sold the final 50 units consisting of five thousand dollars ($5,000) in Debentures of the Company and 2,500 common stock purchase warrants for total offering proceeds of $250,000.  Under the terms, each convertible debenture is convertible into shares of common stock of the Company at the lower of $1.50 per share or the price of any additional private placement of the Company in the subsequent twelve months and bears interest at the rate of 12% per annum (the "Debentures").  Each common stock purchase warrant entitles the holder to purchase one share of the Company's common stock for each warrant held at the warrant exercise price of the lower of (i) one dollar and ninety-five cents ($1.95) per share, or (ii) one hundred thirty percent (130%) of the per share price paid by any investor in a private placement by the Company of shares of its common stock at any time in the next twelve months. The Warrants are only exercisable if the Debentures, which are part of the underlying Unit, are converted into shares of the Company's common stock.

ABOUT CALIBRUS - Calibrus, Inc. (OTC Bulletin Board: CALB) develops products and services in Social Online Networking, Mobile applications, Third Party Verification, Hosted Call Recording and IVR Services.  Calibrus operates the JabberMonkey website (www.jabbermonkey.com), a premier site for expressing and gathering public opinion on a global scale. For more information on Calibrus visit the Calibrus website at www.calibrus.com.

Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.

Contact: Eric Miller, Investor Relations, +1-720-220-0037 or email at [email protected]

SOURCE Calibrus, Inc.

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED