TenFold(R) Corporation (OTC Bulletin Board: TENF), provider of the EnterpriseTenFold(TM) platform for building and implementing enterprise applications, today announced that it has received interim financing totaling $600,000 from members of its Board of Directors.
TenFold entered into promissory notes for $200,000 each with Mr. Robert W. Felton, TenFold's Chairman, President and Chief Executive Officer and a substantial TenFold shareholder; Wasatch Investments LLC, an investment entity associated with TenFold Director Robert E. Parsons, Jr.; and First Media TF Holdings LLC, an investment entity and substantial TenFold shareholder associated with TenFold Director Ralph W. Hardy Jr.
"I appreciate my fellow Board members joining me to provide this support to TenFold," said Mr. Felton. "These notes are intended to provide interim financing to TenFold while we seek to secure appropriate equity financing. Securing proper financing and igniting TenFold's revenue engine are my two top priorities. My short-term goals are to complete a financing in January, and to generate sufficient sales to reach a sustainable cash flow positive run-rate by the end of Q1 2006, barring unforeseen circumstances."
The identical notes are senior to other TenFold indebtedness and equity, bear interest at 10%, and are due upon the earlier to occur of: the closing of equity financing of $2 million or more, January 31, 2006, or a liquidation event.
The disinterested members of TenFold's Board of Directors approved these transactions.
For more information about TenFold or EnterpriseTenFold, contact Sally White at (801) 619-8232 or via e-mail at swhite@tenfold.com.
About TenFold
TenFold (OTC Bulletin Board: TENF) licenses its patented technology for applications development, EnterpriseTenFold(TM), to organizations that face the daunting task of replacing obsolete applications or building complex applications systems. Unlike traditional approaches, where business and technology requirements create difficult IT bottlenecks, EnterpriseTenFold technology lets a small team of business people and IT professionals design, build, deploy, maintain, and upgrade new or replacement applications with extraordinary speed, superior applications quality and power features. For more information, call (800) TENFOLD or visit http://www.tenfold.com.
This release contains forward-looking statements. These statements can be identified by reference to "goals" or "intentions" or by the use of forward-looking terminology such as "expect," "anticipate," "estimate," "should," "will," "may," or the negatives thereof, or similar terminology, or by discussions of our strategy or the benefits of our technology. Forward-looking statements in this release include the company's goals of completing a financing transaction, and achieving increased sales and positive cash flow. Our business and operations are subject to a wide variety of risks and uncertainties that may cause actual future events or results to differ materially from those described in the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include the unavailability of capital to the company on acceptable terms, the company's inability to negotiate a capital raising transaction with potential investors, and the company's inability to attract new customers and close sales in the near-term. Forward-looking statements in this release also include that EnterpriseTenFold technology lets a small team design, build, deploy, maintain and upgrade applications with extraordinary speed, superior applications quality and power features. Factors that could cause actual benefits of the TenFold product and technology to differ materially from those in the forward-looking statements include inadequate training, incorrect installation, use of unsupported hardware and software versions or combinations thereof, and inadequate consultation with TenFold support personnel. These and other factors that could cause actual results to differ materially from those in the forward-looking statements are discussed in greater detail in certain documents filed by TenFold Corporation with the Securities and Exchange Commission, including but not limited to, the most recent reports on Forms 10-Q and 10-K. We make no commitment to revise or update any forward-looking statement to reflect events or circumstances after the date such statement is made.
TenFold and EnterpriseTenFold are trademarks of TenFold Corporation. All other trademarks and registered trademarks are the property of their respective owners.