NEW YORK and NEW DELHI, India, Aug. 17, 2007 (PRIME NEWSWIRE) -- India Home Furnishings, Inc. (IHF) announced that is has raised US$2,075,000 in a private placement bridge financing with U.S. institutional investors. The financing was structured as two-year promissory notes with warrants to investors, and is intended to be the first in a series of financings by IHF in connection with its intentions to seek a listing on one of the U.S. over-the-counter markets.
The proceeds will be used for expansion of sales and marketing efforts, acquisitions, and general corporate purposes, including transaction costs relating to its intention to become a publicly traded company in the U.S. capital markets.
"We are gratified by the strong support we have received from this group of institutional investors in the United States," said Pasquale Romano, Chief Executive Officer of IHF.
"We believe that the investor appetite in the U.S. for India-based companies is vibrant and growing. This financing is a vote of confidence in not only the company's future but the prospects for growth and expansion in India, one of the world's fastest growing economies" said Amit Tandon, Chief Executive Officer of Emissary Capital.
Emissary Capital, LLC, a merchant banking concern headquartered in New York City, acts as the U.S. and Indian advisor to IHF.
India Home Furnishings, Inc. is engaged in manufacturing, marketing, design, and distribution of home furnishings products from India.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from registration is available.
FORWARD-LOOKING STATEMENTS This press release contains certain forward-looking statements relating to India Home Furnishings, Inc. These statements and other statements contained in this press release that are not purely historical fact are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on management's beliefs, certain assumptions and current expectations. Words such as "expect(s)," "feel(s)," "believe(s)," "will," "may," "anticipate(s)," and similar expressions and statements about India Home Furnishings' market and contractual opportunities, future plans and performance, objectives and expectations with respect to future operations and home furnishings market, and financial projections and estimates and their underlying assumptions, are all forward-looking statements subject to risks and uncertainties, including, but not limited to: our lack of operating history; our ability enter into definitive agreements to obtain other businesses; our ability to raise capital to fund our operations, and limited and potentially inadequate cash resources; our ability to successfully integrate and operate the merged entities; changing levels of competition; changes in laws and regulations that effect our operations, including government regulations in India and U.S.; matters affecting the home furnishings industry generally; our lack of operating revenue and earnings history; and our status as a non-reporting company that does not make periodic filings with the Securities and Exchange Commission. Readers are cautioned not to place any undue reliance on these forward-looking statements. Actual results may differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. The forward-looking statements contained in this press release are made as of the date hereof, and India Home Furnishings does not undertake an obligation to update any forward-looking statements to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.