Lite King Registers $20 Million Offering With SEC
Lite King filed a registration statement with the SEC to sell $20 million in Common stock to Cornell Capital Partners, a New York investment fund.
Chicago - April 15, 2002, Lite King Corporation (OTCBB: LKNG), a leader in "last mile fiber optic cable plant design and installation services", filed a registration statement with the Securities and Exchange Commission to sell upto $20,000,000 in common stock to Cornell Capital Partners.
The agreement allows Lite King to sell common stock to Cornell's Fund from time to time over a 36 month period. The sale price is based on a 9% discount to the market price of the shares at the time of notice of sale. Lite King will use these funds for working capital purposes in support of its plan to expand its locations into AZ, AR, CO, IL, IN, KS and TX.
Lite King had announced aggresive expansion plans to expand into those markets on December 3, 2001 in order to serve its Fortune 500 customers needs. The proceeds of this Offering will allow Lite King to fulfill those expansion plans.
About Lite King Corporation
Through its wholly owned subsidiary, National Cabling Services, Inc., Lite King provides fiber-optic cable plant design, installation and maintenance services, commonly referred to as last mile" fiber-optic installation services. National Cabling is a leader in last-mile fiber-optic cable plant design and installation services and carries an impressive array of Fortune 500 clients it services nationwide, as well as regional and local customers. National Cablings largest customer is NYSE: IBM
Forward Looking Statement
Certain statements contained herein are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve numerous risks and uncertainties, including, but not limited to, risks and uncertainties pertaining to development of Company's products and services and markets for such products and services, the timing and level of customer orders, competitive products and service, changes in economic conditions and other risks and uncertainties. Although the Company believes the statements are reasonable, it can give no assurance that such expectations will prove correct. The Company cautions that any forward-looking statements contained herein are not a guarantee of future performance and that actual results may differ materially.
Contact: Lite King Corporation
Rob Personett, CFO
309-266-5771 ext. 23
rpersonett@nationalcabling.com
www.nationalcabling.com
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