Morgan Beaumont closes $5 million private placement of stock

By Sheri Kasprzak

New York, July 18 - Morgan Beaumont, Inc. said it has wrapped a private placement for $5 million.

The company sold 12.4 million shares to existing, long-term investors. The pricing details of the offering could not be determined by press time Monday.

The investors also have the option to buy an additional $7 million in shares under the same terms.

Proceeds will be used for general business operations, including the rollout of marketing programs and the enhancement and execution of sales and marketing initiatives.

Based in Sarasota, Fla., Morgan Beaumont develops technologies used in the stored value and debit card markets.

On Monday, Morgan Beaumont's stock closed up $0.04 at $0.54.

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