By Sheri Kasprzak
New York, Aug. 31 - Detto Technologies, Inc. obtained a $3 million non-revolving line of credit from Di Capital Investments.
The credit line expires Aug. 31, 2007 and bears interest at Libor plus 500 basis points annually.
The investor also received warrants for 30 million shares, exercisable at $0.10 each through Aug. 4, 2011.
In other news, Detto announced that it entered into a software licensing agreement with Privacy Solutions, LLC. Privacy Solutions develops "AlertNow" technology used in software that protects against identity theft. The two companies plan to market and sell an identity theft software package.
Located in Bellevue, Wash., Detto develops software used to move data from one personal computer to another.
| Issuer: | Detto Technologies, Inc.
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| Issue: | Line of credit
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| Amount: | $3 million
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| Maturity: | Aug. 31, 2007
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| Coupon: | Libor plus 500 basis points
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| Warrants: | For 30 million shares
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| Warrant expiration: | Aug. 4, 2011
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| Warrant strike price: | $0.10
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| Investor: | Di Capital Investments
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| Settlement date: | Aug. 4
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| Stock symbol: | Pink Sheets: DTTO
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| Stock price: | $0.34 at close Aug. 4
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