FuelStream, Inc. announced that it has received $0.08 million in funding.
April 08, 2014 at 05:00 am
Share
FuelStream, Inc. (OTCPK:FLST) announced a private placement of 8% convertible promissory note for gross proceeds of $83,500 on March 31, 2014. Pursuant to the securities purchase agreement the note will carry an interest rate of 8% and will mature on January 2, 2015. The transaction will include participation from new accredited investor KBM Worldwide Inc. The company will issue the securities pursuant to exemption provided under Regulation D. The promissory note together with all interest as accrued is convertible into shares of the company at a price equal to 60% multiplied by the average of the lowest three trading prices for the common stock during the ten 10 trading day period ending on the latest complete trading day prior to the date of conversion. The note may not be prepaid prior to its maturity date. The note may be accelerated by the holder in the event of default and the rate of interest on the note will increase to 22% per annum, retroactive to the date of issuance. The transaction is expected to close on or about April 2, 2014. The company will reimburse to the investor expenses incurred in connection with the transaction to a maximum of $3,500. Judah A. Eisner and Bernard S. Feldman of Naidich Wurman Birnbaum & Maday, LLP will act as legal advisor to the investor for the transaction.
On April 8, 2014, FuelStream, Inc. closed the transaction.
Fuelstream, Inc. is an in-wing and on-location supplier and distributor of aviation fuel to corporate, commercial, military and privately owned aircraft throughout the world. The Company offers Aviation Fuel and Support Services. It also provides a range of ground services either directly or through its affiliates, including concierge services, passenger and baggage handling, landing rights, coordination with local aviation authorities, aircraft maintenance services, catering, cabin cleaning, customs approvals and third-party invoice reconciliation. The Fuel Stream transportation division specializes in the design, development and execution of fuel supply chain solutions. It offers engineered transportation solutions. From ocean going barges, tanker fleet operations and tank farms, it has access to equipment and provides solutions. It offers fuel management and logistic service for airlines originating out of South Africa and sub-African continent, and other global locations.
FUELSTREAM, INC. 
