Beyond Commerce, Inc. Receives $1,500,000 from Linlithgow Holdings, LLC
HENDERSON, Nev., May 22 /PRNewswire-FirstCall/ -- Beyond Commerce, Inc. (OTC Bulletin Board: BYOC - News) www.beyondcommerce.com , an E-commerce solutions, local advertising and niche social networking company, today announced, that Linlithgow Holdings, LLC ("Linlithgow,") an entity owned and controlled by the immediate family of the Company's Chief Executive Officer, Robert McNulty, has provided the Company with an additional $1,500,000 in liquidity. Linlithgow putting these funds into the Company has strengthened the Company's cash position. The transaction has been approved by the independent board members, assuring the Company of an arm's length market value debt instrument for this risk.
Mark Noffke, the Company's Chief Financial Officer stated, "this is an important transaction for the Company as it puts the Company in a stronger financial position going forward. We are excited about the opportunities this transaction will afford us. We feel it is a testament to the Company and its management that we have the confidence of the McNulty family to ensure the success of Beyond Commerce, Inc. They have stepped up and put their money to work, at a time when many investors continue to sit on the sidelines."
Through this transaction, the Company has received $1,500,000 in cash proceeds. Robert McNulty is not a member, nor a manager, of Linlithgow and he disclaims any beneficial interests in shares held by Linlithgow. Mr. McNulty does not have ownership or the right to exercise any voting rights in respect of these shares, nor does he have the right to dispose of these shares. This $1.5 million cash infusion, along with a newly established $50 million monthly line of credit for card processing, will ensure the Company's continued growth and rapid expansion.
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