Apr, 2002 : Merilus to Raise $2.1 Million in Private Placement

📅 April 29, 2002 - Merilus, Inc. (merilus.com), a manufacturer of network security products, said Friday it would raise approximately $2.1 million in a private placement.

The funds raised will be used to fund further production of inventories and significantly increase current sales and marketing programs for the company's FireCard and Gateway Guardian lines of digital security products.
Merilus products protect networks from intruders, securely connect branch offices, and eliminate the need for expensive leased lines, making networks run more efficiently. IDC predicts that the SME market that Merilus products service will grow to $14 billion by 2005.
Merilus, Inc. announced that as of March 31, 2002 it received aggregate subscription documents totaling 2.5 million units at a price of $1.00 per unit representing gross cash proceeds of approximately $2.1 million and conversion of outstanding debts of approximately $400,000.
The company is actively pursuing collection of these unpaid subscription proceeds and is further considering all options available to ensure receipt of the private placement funding in accordance with the terms of the subscription contracts received.

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