CirTran announced that it has signed a financing agreement with Cornell Capital Partners for a 5% secured convertible debenture in the principal amount of $1.5 million, due July 30, 2008. CirTran filed Form 8-K with the Securities and Exchange Commission concerning the filing on January 6, 2006.
Iehab J. Hawatmeh, founder and president, CirTran, said, "CirTran was profitable for the last two quarters reported, significantly improving our position in the viewpoint of the financial marketplace. Companies such as Cornell must compete to win our business. This is very beneficial to CirTran in getting us funding at more competitive rates."
Hawatmeh, said, "CirTran will use the net funds of $1.37 million (after commitment and structuring fees) to fund tooling for new and existing projects in China and at its home facility in Salt Lake City."
