Montavo opts to forgo $20 million equity line of credit with Dutchess

By Devika Patel

Knoxville, Tenn., Feb. 11 - Montavo, Inc. has elected to forgo accessing or using the $20 million equity line of credit it arranged with Dutchess Opportunity Fund, II, LP on Jan. 12, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The decision is due to positive events which management believes will lead to a strengthening of the company, the filing said.

Based in Bellevue, Wash., Montavo has developed technology that allows wireless subscribers to search a proprietary advertisement delivery system by category of service and location.

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