On Tuesday, Cybernetic Technologies Ltd (OTCMKTS:HPIL) was in the news after the company announced that it had managed to secure a equity line of credit worth as much as $10 million from Auctus Fund LLC.
It is a significant development for the company and it seems that investors felt the same way as well. The stock jumped by as much as 4% yesterday after the announcement was made by HPIL. Stephen Brown, who is the Chief Executive Officer and Chairman of the company spoke about the matter as well.
He stated that there has been ‘long discussions’ with representatives from Auctus regarding the equity line of credit and Brown went on to say that the company is comfortable at the fact that the fund is going to be with the company for the long term. However, that was no tall.
He also revealed that Auctus also made a commitment to support HPIL is building its business and growing many of the important projects that it has been working on. In addition to that, Brown also noted that the ZIPPA project was progressing well and the company hoped to present a trial run at some point in the next three weeks.