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Credit Union MobilePro announced a $100 million equity financing agreement with New Jersey-based Cornell Capital Partners, a hedge fund prone to sell short and finance customers with their own capital.

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By Card Credit Debt Debt Guide May 14, 2004 (AXcess News) Bethesda MD - MobilePro Corp. (OTCBB: MOBL) announced a $100 million equity financing agreement with New Jersey-based Cornell Capital Partners, a hedge fund prone to sell short and finance customers with their own capital.

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Credit Repair Since announcing its third quarter results February 13th, MobilePro has signed no less than four Letters of Intent to acquire Internet Service Providers (ISP), recorded a loss of $637,053, or $.005 per share on no revenue and completed the acquisition of EXP Internet Services, an Internet services provider based in Beaumont, Texas.

Active Credit Credit Guide MobilePro CEO Jay Wright was unavailable to answer AXcess News questions regarding the equity capital financing his company was pursuing. The terms of that financing provide MobilePro with a Standby Equity Distribution Agreement (SEDA) with Cornell Capital Partners, L.P. upon affecting an SB-2 registration statement.

Credit Score The capital commitment marks the second time MobilePro has done business with the New Jersey-based hedge fund. Wright's company inked a $10 million SEDA with Cornell in 2003. Today's news release stated that the terms of the SEDA were more favorable than the previous agreement but failed to give any details on just how favorable those terms were.

Bad Car Credit Guide Loan Matt Beckman, managing partner of Cornell Capital, stated in Friday's announcement that "MobilePro has been one of our best clients in effectively using the SEDA to grow its revenue."AdvertisementApparently, Beckman didn't read the third quarter 10-Q in which the company disclosed that it had no revenue for the nine months ending, December 31, 2004.While MobilePro had no revenue in the first nine months, it did have trading volume, which is necessary in order to absorb the short sell pressure from hedge fund financing. The 90-day average daily trading volume for MOBL was reported to be 9,836,541 shares on Friday.MobilePro's signing of four letters of intent to acquire ISP's may provide the company enough cash flow to survive, but investors shouldn't look for immediate results if the company continues drawing down capital from its SEDA with Cornell. The 2003 financing left investors in a lurch as share prices declined. When MobilePro no longer faced market pressure following its $10 million SEDA, its share price climbed. Wright's comments in Friday's announcement about "better terms" may be a lesson learned or it could be another short play waiting to happen. Time will tell which way this micro cap stock will go.

Bad Credit Loan Shares of MobilePro (OTCBB: MOBL) were $0.218 at 11:41AM ET on volume of 6,700,702 shares, up $0.002 or 0.93%. The stock was added to AXcess News Stock Guide and Friday and will be tracked for readers interested in wireless technology and Internet stocks.

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