HOUSTON, Feb. 3, 2012 (GLOBE NEWSWIRE) -- TaxMasters, Inc. (OTC:TAXS), a nationwide provider of tax services including a full suite of compliance and repayment services, today announced that the company has secured an equity financing commitment of up to $25 million from a micro-cap equity financing provider.
The term sheet has been signed by both parties who expect to execute the final agreement within the next 30 to 45 days. During the 36-month term of the equity financing commitment, TaxMasters may sell registered shares of its newly-issued common stock to the financing provider at a small, pre-negotiated discount to the market price. The proceeds of the financing will go toward marketing, advertising and expanding the business according to the company's 5 year growth plan of achieving at least $300 million in annual revenue.
"We are very excited to secure this equity line of financing. With these funds, the company will have the opportunity to implement its 5 year growth plan where our goal is to reach at least $300 million in annual revenue and potentially closer to $500 million. Our strategy is to ramp up and optimize our internet and other marketing initiatives in order to accomplish our goal. With an ever expanding market for tax representation services, our unique business model and increasing advertising and marketing efforts, we are positioning the company for steady future growth," commented Patrick Cox, CEO of TaxMasters.
About TaxMasters, Inc.
TaxMasters, Inc. is the first publicly traded tax representation firm in the United States. Started by Patrick R. Cox in 2001, TaxMasters offers a full suite of compliance and repayment services to taxpayers across the country facing seemingly insurmountable tax problems and substantial federal tax debt. Tax services from TaxMasters include IRS consultations, tax return preparation, settlement analysis, and assistance with IRS automated collections, Revenue Officer involvement and collection due process.
For more information about TaxMasters, Inc. and its commitment to help taxpayers in the United States solve tax problems, please visit www.txmstr.com.
Forward-Looking Statements
Any forward-looking statements, as defined in the Securities Exchange Act of 1934, in this release (often identified by such words as "believes," "expects," "beginning," "intended," "planned") regarding future expectations, objectives, and plans for TaxMasters, Inc. are based on opinions and estimates of management at the time the statement was made. Various known and unknown factors may cause actual results to be materially different from the expected outcomes. TaxMasters, Inc. does not, as a matter of policy, update or revise forward-looking statements. Actual results may vary materially.