ABOUT SPECTRAL:Spectral acquires and partners with early stage technology companies that have the ability to grow into independent public companies. We focus on identifying markets in which a start up has the opportunity to greatly enhance or become a complete game changer. We look for technology that is patentable. Through our knowledge and vast network of professionals from around the world, as well as our experience as entrepreneurs, we provide support and encouragement for our portfolio teams and their visions. Spectral's portfolio teams are consumed and innately passionate about the development of their ideas.PRESS RELEASE FORWARD LOOKING STATEMENT:This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth and business strategy. Words such as 'expects,' 'will,' 'intends,' 'plans,' 'believes,' 'anticipates,' 'hopes,' 'estimates,' and variations on such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the Company's business; competitive factors in the market(s) in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Spectral Capital Corporation, (FCCN.QB) (F3SN: SG, BE) announced today that has closed a financing of $1,000,000 USD, paving the way for the Company's continued expansion into the emerging growth technology sector. 'Less than 2 weeks ago, we acquired the Noot mobile search technology to form the flagship company within Spectral's growing portfolio of high impact technology companies. We are pleased that we were able to close a significant private placement to fund the near term development of Noot within such a short period of time. This financing is a real vote of confidence in us by the financial markets and investors who follow our company. We look forward to taking advantage of the improving capital markets situation and Spectral's momentum to continue growing the company as an emerging technology leader,' announced Spectral CEO Jenifer Osterwalder. Spectral received total proceeds of $1,000,000 USD on March 7, 2012 for which it issued 1,650,000 restricted common shares in Spectral at $0.65 per share, along with an equal number of shares as warrants at $0.80 for a two year period. The shares do not have registration rights or other preferences. The transaction was non-brokered and no commissions were paid. The use of proceeds of the financing will be for general corporate purposes and to fund various technology ventures currently in development or planned over the next 12 months. The foregoing securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the '1933 Act') or any applicable state securities laws and were not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.