MARKHAM, Ontario, Oct. 2, 2012 /PRNewswire/ -- Kallo,
Inc. (KALO), a medical device and information company,
announced that it has entered into a $2
million common stock purchase agreement with Kodiak
Capital Group, LLC, a Newport Beach-based institutional
investor subject to the performance by Kallo of certain conditions.
Proceeds from this transaction will be used by the company to gear
up for production and servicing of deliverables and for general
corporate purposes.
"We are pleased about this financing," commented John Cecil, chairman and CEO of Kallo. "Kodiak
is an excellent partner for us and has a long-term commitment to
our industry. This transaction offers the Company a very cost
efficient and readily available form of financing. It was a
priority for us to complete a new financing agreement by
year-end."
Under the terms of the agreement, Kodiak has covenanted not to
cause or engage in any manner whatsoever, any direct or indirect
short selling or hedging of the Company's shares of common
stock.
Ryan Hodson, Managing Member of
Kodiak, said, "We are very pleased to be entering into this
agreement with Kallo. We at Kodiak have been following the
progression of the Company over the past several years and are
excited to be making this investment. We are impressed by the
Company's technology and the management's ability to prepare and
execute on their objectives."
About Kallo, Inc.
Kallo, Inc., a medical device and
information company, engaging in the manufacture and development of
software that assists physicians and healthcare providers to
streamline patient information and workflow. Kallo software
solutions include Electronic Medical Record (EMR), Picture
Archiving & Communication System (PACS) and Medical Device
Connectivity (MDC) that gathers medical information from various
sources and deposits into the EMR of each patient. Kallo Inc. also
provides Mobile Clinics, Clinical and Administrative Command
Centers packaged with Best in Class Medical Devices and Medical
Software solutions to ensure a holistic healthcare solution. Kallo,
Inc., is a publicly traded company. Its stock symbol
is KALO.QB.
Media contact:
John Cecil or Vince Leitao
416-246-9997
http://www.kalloinc.ca
SOURCE Kallo, Inc.