NaturalNano and Its Wholly Owned Subsidiary Bitcoin Bidder Close $2.15 Million Financing; Uses Proceeds to Submit an Application to Make a Bid at the Auction of 30,000 Bitcoins by the U.S. Marshals Service
NaturalNano, Inc. (PINKSHEETS: NNAN) (www.naturalnano.com) announced today that it has closed on a $2,150,000 cash financing from investors through the issuance of Secured Convertible Promissory Notes.
The transaction closed on June 20, 2014. The funds were used in part by NaturalNano's wholly owned subsidiary, Bitcoin Bidder Inc, in connection with its application submission to participate in the auction by the U.S. Marshals Service (USMS) of 30,000 Bitcoins seized by the FBI.
The USMS will inform Bitcoin Bidder of its eligibility to participate by June 26, 2014, and, if eligible, bids must be placed by June 27, 2014. If accepted, Bitcoin Bidder will use the balance of the proceeds of the financing to place its bid.
The auction information can viewed at: http://www.usmarshals.gov/assets/2014/bitcoins/
Jim Wemett, NNAN CEO, commented,
"The closing of this financing has placed NaturalNano in a unique position of potentially being able to participate in the U.S. Marshals Service auction of bitcoins. Bitcoins themselves are an exciting virtual currency technology and I believe NaturalNano shareholders will benefit from the company attempting to gain exposure to this technology."
NaturalNano, Inc.
NaturalNano, Inc. (PINKSHEETS: NNAN) located in Rochester, New York, is engaged in the development and commercialization of material additives based on proprietary nanomaterial technology utilizing Halloysite Nanotubes (HNTs). The Company provides the industry with additives designed to improve the processing characteristics and mechanical properties of engineering thermoplastics, and additives designed to optimize the release of active agents such as vitamins and fragrance in cosmetic products. NaturalNano holds patents relating to the commercial use of HNTs in composite materials as well as specialized techniques used in the refinement and processing of HNTs and intermediaries that it ships to customers worldwide. HNT materials used as a surface treatment have also shown promise in medical research devoted to stem cell collection and in trapping circulating cancer cells. The Company is also exploring surface treatments relating to improved adhesion of protective coatings for polymer components used in numerous commercial applications.
NaturalNano, Inc.
http://www.naturalnano.com/
Cautionary Statement Regarding Forward-Looking Statements
Contains forward-looking statements regarding future events and future performance that involve risks and uncertainties that could materially affect actual results. This information is qualified in its entirety by cautionary statements and risk factors disclosure contained in certain of NaturalNano's filings with the Securities and Exchange Commission. The most recent annual reports on Form 10-K and quarterly reports on Form 10-Q filed by NaturalNano provide information about these factors, which may be revised or supplemented in future reports filed with the SEC on those forms or on Form 8-K. We caution investors not to place undue reliance on forward-looking statements, and we do not undertake any obligation to update or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other such factors that affect the subject of these statements, except where expressly required by law.
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