Incode Technologies gets $10 million equity line

By Sheri Kasprzak

Atlanta, June 15 - Incode Technologies Corp. said it has received a $10 million standby equity distribution agreement from Cornell Capital Partners LP.

According to the company's investor relations department, Incode is not releasing the full details on the agreement. The details, the company said, will be revealed in a form 8-K filed with the Securities and Exchange Commission later this week.

In other news, Incode said it plans to restructure some of its convertible debentures totaling $800,000 to facilitate the intended refinancing of its equity-based convertible debentures with a standard credit line. Ultimately, a statement from Incode said, the company plans to use the capital for acquisitions.

Based in Mount Arlington, N.J., Incode acquires and develops electronic businesses.

On Wednesday, the company's stock closed up $0.0011, or 42.31%, at $0.0037.

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