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DSC Enters into a $20 Million Equity Line Agreement with Southridge Partners II
Garden City, NY, December 1, 2011 –/BackupReview.info/– Data Storage Corporation (DSC) (DTST: OTC US), a cloud storage and cloud computing company focusing on data protection and business continuity solutions, today announced that it has signed a $20 million equity line agreement (the “Agreement”) with Southridge Partners II (“Southridge”), an institutional investor based in Ridgefield, Conn. This funding will enable DSC to further accelerate its technology development and market expansion.
“We are pleased to have secured this equity line with Southridge, a forward-thinking institutional investor, which provides us future flexibility in capital raising,” said Chuck Piluso, chairman and CEO of DSC. “We plan to use this funding to take the company to the next level, by continuing our organic growth plans as well as to remain committed to our acquisition strategy.”
Pursuant to the Agreement, DSC has the right, at its discretion, to sell to Southridge up to $20 million of its common stock from time to time over a 24-month period. DSC will have the right, but is not obligated, to sell stock to Southridge depending on certain conditions as set forth in the Agreement.
“We are thrilled to have the continued support of Southridge,” added Piluso. “We are closing out an extremely successful year where we have experienced excellent growth and this investment by Southridge is a true testament to our vision and the market demand.”
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