Titan Global Reaches Final Structure With Investors to Close Its REG D 504 Offering
Completing Its Initial Capital Raise of Approximately $900,000 as Part of the Company's Restructure Plans
Titan Global Entertainment, Inc. (PINKSHEETS: TGLE) announces that the Board of Directors has reached a final structure with its REG D 504 investors to complete the capital raise of approximately $900,000 as part of the Company's restructure and recapitalization plan allowing the company to focus on the long-term capitalization requirements. As announced in November 2006, the Board of Directors approved a restructure plan that consisted on the following items.
1. Increase the size of the Board membership to seven members. Three
of its members will consist of key management personnel with the
remaining four members from outside the company personnel. This will
provide the company with the type of Board that positions the
company in meeting long-term financing requirements and movement to
NASDAQ or AMEX.
2. A change in business structure creating three business units
providing management support in meeting the Company's business
objectives. As part of the restructure, the Company will formulate
advisory boards made up with industry leaders to review and support
the Company's business plans implementation.
3. Hiring of key executives to fill the leadership positions of the
newly created business units.
4. A recapitalization plan that includes both short and long term
financing objectives.
"The Company has completed many of the restructuring points and will be making them public very shortly. This is an extremely significant event in the growth of the Company. For months, we have worked diligently to complete this plan of restructure and recapitalization. We continue to look forward to the successful implementation of the restructure and recapitalization plans," said Jim Pugh, Chairman & CEO of Titan Global Entertainment, Inc.
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