Cimbix in talks to raise $1 million in private placement of equity securities

By Sheri Kasprzak

New York, March 20 - Cimbix Corp. said it intends to raise up to $1 million in a PIPE to help develop and commercialize the company's PetsCell technology and its PetsMobility brand of products.

"We currently have minimal cash reserves and a significant working capital deficit," said a form 10-QSB filed with the Securities and Exchange Commission. "Accordingly, our ability to pursue our plan of operations is contingent on our being able to obtain funding for the development and commercialization of our products and services.

"We intend to commence an offering in the form of equity financing from the sale of our common stock in the principal amount of up to $1 million to persons who are accredited investors in private placement transactions."

Proceeds from the proposed offering will allow the company to expand its operations, buy inventory and begin its marketing campaign."

For the quarter ended Dec. 31, Cimbix reported a net loss of $40,505, compared with a net loss of $59,813 for the same quarter ended Dec. 31, 2004. Since its inception on Aug. 17, 2000 through Dec. 31, 2005, Cimbix has incurred a net loss of $712,153.

Based in Beverly Hills, Calif., Cimbix develops collars that can locate lost pets using global positioning system technology.

Cimbix's stock closed unchanged Friday at $0.06 (OTCBB: CBXCE).

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