EFactor plans to sell 1 million shares in initial public offering

Proceeds to be used for general operations, marketing, development

By Angela McDaniels

Tacoma, Wash., Jan. 3 - EFactor Holdings, Inc. announced plans for an initial public offering of common stock. The company will sell 1 million shares on a best-efforts basis.

The price per share and the underwriter have not been determined.

The company plans to apply to have its common stock listed on the OTC Bulletin Board, other over-the-counter markets or the Nasdaq National Market, according to an S-1 filing with the Securities and Exchange Commission.

The proceeds will be used for general operations, marketing, business development and research and development.

As of Nov. 30, the company had 19.8 million shares of common stock.

EFactor Holdings was formed in September by Triton Distribution Systems, Inc. to acquire all of the shares of EFactor Corp., an entrepreneurial community based in San Francisco that provides resources to small business owners. It also received from Triton a non-exclusive right and license to use and market Triton's Reservation Expert software.

Tiburon, Calif.-based Triton is a development stage web-based electronic catalog primarily focused on travel services distribution.

In addition to the IPO, eight shareholders plan to sell 1.8 million shares of EFactor Holdings stock in a secondary offering, and Triton plans to distribute 4 million shares of EFactor Holdings to its shareholders as a dividend.

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