OneFi Technology Receives Financing CommitmentMonday, December 6th, 2010
LOS ANGELES — OneFi Technology, Inc (Pink Sheets: ONFI) has received a substantial financing commitment from Dr. Fahad al-Malik of Saudi Arabia. The total commitment is for $20,000,000 which will be funded in two stages. The definitive terms of the financing are still being negotiated however the commitment provides for an initial $2,000,000 of direct equity financing with the balance to be invested in joint venture projects under the direction of Chet Noblett, OneFi’s Chief Executive Officer. The initial funding is expected to close just after the New Year with the balance of the funds to be invested over a period of twelve months beginning in the second half of 2011.
Dr. Fahad al-Malik has been a strong supporter of the Company’s efforts in Saudi Arabia where OneFi is working on a project to rollout a scalable next-generation network infrastructure capable of delivering high-speed broadband WiMax and IPTV. “The project in Saudi is a tremendous opportunity and requires significant financing. I am delighted that we have received this commitment from Dr. al-Malik. It is a testament to our efforts in the region,” said Mr. Noblett who expects to be in the region over the next several weeks to complete the definitive terms of the funding agreements.