Little Bear Investments LLC Announces the Closing of a Senior Secured Convertible Note with Advertape, Inc. d/b/a Mr. Prepaid
Wednesday November 26, 2003, 12:45 pm ET
NEW YORK, November 26 — Little Bear Investments LLC (“Little Bear”, or the “Firm”) announced today that it has recently completed a senior secured convertible note transaction with Advertape, Inc. d/b/a Mr. Prepaid (the “Company”), a prepaid wireless phone and pin distributor. As part of this transaction, Little Bear acted as principal in originating the loan, which has a term of three years and can be converted into common stock of the Company. Concurrent with this transaction, affiliates of the Company purchased shares of the Company’s common stock. The size of these transactions was not disclosed.
Zachary Prensky, managing member of the Firm, commented that: “We are pleased to have completed our first Senior Secured Convertible Note transaction since the change of direction of firm announced earlier this year. The funding we put in place will allow the management of the Company to continue their rapid expansion along the East Coast. Already, the Company has deployed the capital provided by us into expanding its inventory of products, purchasing larger quantities of wireless phones and related pins at substantial savings over prior purchases. We are excited about the potential of the Company and hope to participate in future transactions with them.
About Advertape, Inc. d/b/a Mr. Prepaid
Mr. Prepaid is a wireless distributor based in Baltimore, MD. Mr. Prepaid works with local retailers to provide customers with a wide array of prepaid wireless products, including offerings from T-Mobile, AT&T, Verizon, Cingular & Boost Wireless. Recently, Mr. Prepaid had expanded its distribution reach to Philadelphia and Washington, D.C.
About Little Bear
Little Bear Investments, located in the heart of Midtown Manhattan, is a merchant bank that focuses on investing in both public and private companies. Our broad range of investment experience includes: tender offers, private placements, PIPE’s, reverse mergers and bankruptcy auctions. Little Bear also offers financial, operational and strategic advisory services. Working with companies large and small, we bring the same disciplined approach to our clients as we do to businesses in which we have deployed our own capital.
If you have any questions regarding this press release, please contact Zachary Prensky at Zach@LittleBear.us or at 212-946-2736.