Multiband Corporation Receives $10 Million Funding Commitment (MBND)

Multiband Corporation MBND, a leading Home Service Provider (HSP) for DIRECTV and the nation's largest DIRECTV Master System Operator (MSO) for Multiple Dwelling Units (MDUs), announced today that it has signed a $10 million purchase agreement with Lincoln Park Capital Fund, LLC (“LPC”), a Chicago-based institutional investor. “We are pleased to have signed this funding agreement with LPC, a forward-thinking institutional investor which provides future flexibility,” said James L. Mandel, CEO of Multiband. “We are under no obligation to utilize the facility but plan to use any proceeds from this agreement for working capital to support current operations and for other general corporate purposes, which may involve expansion of those operations and/or reduction of existing debt. Pursuant to the purchase agreement, the Company has the right at its discretion to sell to LPC up to $10 million of its common stock from time to time over a 25-month period. Multiband will have the right, but no obligation, to sell stock to LPC in amounts up to $500,000 depending on certain conditions as set forth in the purchase agreement."