HOUSTON, March 12, 2002 (PRIMEZONE) -- CYNET, Inc., (OTCBB:CYNE) (OTCBB:CYNEB), a leading provider of convergent messaging solutions, announced today the finalization of an agreement for up to $1.2 million in debt financing with Augustine Fund, L.P. of Chicago, Illinois.
Augustine Fund has been a major institutional investor in CYNET since January of 2000, with two previous rounds of investment totaling $2.5 million. On March 8, 2002, Augustine Fund signed a new agreement regarding funding for up to $1.2 million in debt financing to the Company.
"Augustine Fund is supportive and confident in the management team of CYNET and we believe the Company will find great success in the market place," said Tom Duszynski, Augustine Fund CFO. "Our group looks forward to a continued long and positive relationship with CYNET and its executives."
"We appreciate the vote of confidence by one of our long-time institutional investors, Augustine Fund," stated Vincent W. Beale, Sr., CYNET chairman and CEO. "The Augustine agreement will help CYNET maintain current operations and execute on the balance of its 2002 strategy. As we move forward, we intend to deliver advanced convergent messaging solutions efficiently and competitively. In this new environment, we believe more than ever before that we have the right solutions for today."
About AUGUSTINE FUND
Augustine Fund, L.P., is an affiliate of Augustine Capital Management, L.L.C. of Chicago, Illinois.
About CYNET
CYNET, Inc. specializes in convergent messaging solutions. The Company creates customized solutions by integrating convergent messaging with Internet technology, to maximize the efficiency of business communications. CYNET Convergent Messaging simplifies business communications by using easy-to-use tools to control e-mail, fax and voice messaging. To learn more about CYNET, contact the corporate offices at 800.964.2963 or visit: www.cynetinc.com.
CYNET, Inc., with executive offices in Houston, is a provider of convergent messaging solutions with innovative messaging services for fax, email and voice messaging. The Company's Class A and Class B common stock are traded on the Nasdaq OTC Bulletin Board under the symbols "CYNE" and "CYNEB."
This press release may contain forward-looking statements with respect to operations, assumptions, the financial condition and future performance of the Company. Additional information on risk factors that could potentially have a material impact on the Company's operations and financial position, as well as risk factors relating to the management of the Company, is contained in the Company's filings with the Securities and Exchange Commission. This press release has been provided by Cynet, Inc., and while the information is believe to be accurate, there is no warranty or representation that the information is correct.