Adrian J Cotterill, Editor-in-Chief
rVue Holdings, Inc., (OTC PINK: RVUE) announced that it raised nearly USD 1.5 million to accelerate sales and marketing programs and fund technology advancements.
In the last several months, rVue has raised USD 220,000 in private placements of common stock with existing investors and their affiliates. In aggregate, rVue’s private placements have raised approximately USD 1.7 million during 2015 and early 2016.
In the most recent transaction, rVue signed a Subscription Agreement with Acorn Composite Corp. to raise up to USD 1,476,100 in gross proceeds. The Company sold common stock to Acorn for total consideration of USD 270,000.
Mark Pacchini, President and CEO of rVue Holdings, Inc. told us “This most recent capital raise and transaction with Acorn represents a vote of confidence in our business strategy, our plans to expand sales efforts, and equally important, the growing interest in the digital location video category”.
Acorn is an affiliate of Robert Roche, a director of rVue. The terms of the transaction were negotiated at arms-length and were reviewed and approved by a Special Committee of the Board of Directors which did not include Mr. Roche.
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