FONU2 announces plans to conduct equity sale to fund its film project

Company also may rely on state tax credits, pre sales, gap financing

By Devika Patel

Knoxville, Tenn., Dec. 23 – FONU2 Inc. said it plans to sell equity in conjunction with its plans to raise money for its film project “Effa.”

“We are passionately committed to an aggressive growth plan for 2015,” chief executive officer Roger Miguel said in the press release. “Through the issuance of shares for capital raising and acquisitions, we expect to create significant accretion for all of our shareholders ... We anticipate that the majority of the capital raise in 2015 will be in conjunction with the company's investment bankers. This is being done to provide growth capital as well as build the company's institutional shareholder base ...

“As the lead production company on the project, I can confirm that we expect to place equity with institutional investors to provide the equity component of the project. In addition to our equity contribution, major films such as this are financed by a combination of state tax credits, domestic and foreign pre sales, gap financing and other mechanisms. This is an exciting project for us, and we will have a number of strong partners joining us in this important film,” Miguel said.

FONU2 is a technology company based in Fort Lauderdale, Fla.

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