News by WebKnowHow

Online Collaboration Service Foldera Raises $4.5 Million to Fund Expansion

WebKnowHow
Friday, October 20, 2006; 03:24 AM

Provider of information and collaboration services Foldera, Inc. announced that it has completed a private institutional common stock financing of $4.5 million and warrants.

Richard Lusk, Foldera’s CEO stated, “This successful institutional round, combined with the $4.4 million retail round in August, provides the Company with sufficient working capital to launch our service into general release in the first quarter of 2007 and to build out our data center to support our near-term demand.” Mr. Lusk went on to say, “The recent reduction in our technology infrastructure costs coupled with an increase in microprocessor computing power has significantly lowered our average monthly per-user costs, and substantially reduced the amount of capital we needed at this time.” He concluded by saying, “We would like to thank the institutions who have supported us in this round, and who will continue to support us in the future.”

Under the terms of the financing, Foldera is issuing to institutional investors $4.5 million of common stock at $1.08 per share. “Foldera has benefited from the recent increased mergers and acquisitions activity in the internet community space as evidenced by the recent sales of MySpace (NWS), YouTube (GOOG) and rumors of a pending sale of the Facebook community site,” said Reid Dabney, CFO of Foldera, Inc. Mr. Dabney went on to say, “Foldera’s web service is very appealing to workers in small- and medium-sized businesses (SMB) because Foldera organizes your email, documents and to-do list automatically while you work, saving time and increasing productivity. Also, the SMB community that Foldera serves is desirable to advertisers seeking to reach this elusive demographic and this should help drive revenues going forward.”

Foldera is the free, secure and easy-to-use service that instantly organizes workflow. Foldera combines web-based email, instant messaging, a document manager, a task manager, a calendar, a contact manager and sharable folders into a unified productivity suite, available with a single login from any web browser. Foldera also has the ability to instantly sort and file sent and incoming email, instant message dialogs, documents, tasks, and events into folders, on a project-by-project basis, chronologically and in real-time.

Foldera expects to generate revenues from the sale of services such as extra data storage, premium service and support plans, as well as from embedded search and contextual advertising. Founded in 2001, Foldera is a publicly traded company (OTC Bulletin Board: FDRA), headquartered in Huntington Beach, California.