Tiger Team gets short-term funding in exchange for restricted stock

By Sheri Kasprzak

Atlanta, March 15 - Tiger Team Technologies Corp. said it has secured a short-term financing from The Nutmeg Group LLC.

Under the terms of the funding, the company will sell restricted stock to Nutmeg with the option to repurchase the stock in 60 days when a long-term financing goes into effect.

The exact amount of the financing could not be determined by press time Tuesday.

The Nutmeg Group managing director Randall Goulding said in a statement that the purpose for the capital infusion for Tiger Team is the pursuit of new business opportunities and joint ventures.

Based in St. Paul, Minn., Tiger Team develops communications hardware and software technologies.

On Tuesday, the company's stock closed unchanged at $0.03.

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