2002 Press Releases
FOLIOfn Concludes Transaction to Repurchase Securities
VIENNA, Virginia – FOLIOfn, the company that pioneered Folios and other financial innovations, has repurchased a variety of debt and equity securities from a former investor.
The transaction in part allowed FOLIOfn to retire nearly all of its outstanding debt.
Under terms of the transaction, FOLIOfn paid $1.5 million to PSINet, an Ashburn, Va.-based Internet service provider that previously invested in the company, for various convertible notes, warrants, and preferred shares. PSINet filed for Chapter 11 protection from creditors in June.
“This is good news for our investors, partners, customers, and employees. We are delighted to be able to retire the debt and reacquire certain equity interests in a transaction that is anti-dilutive for the company’s investors,” says Steve Wallman, founder and CEO of FOLIOfn Investments, Inc. “Like most companies, we are constantly looking for ways to strengthen our balance sheet, and this was a superb opportunity.”
Buying back these shares demonstrates our confidence in our future, says Wallman. “We want to invest aggressively in our own company because we believe we are on track for success in the future. We think this is an excellent investment opportunity for the extended FOLIOfn family, and gives us the flexibility to raise additional capital in a variety of ways if we want to.”
About Folio Investing
Folio Investing, a division of FOLIOfn Investments, Inc., is an online brokerage that enables investors to manage stocks, ETFs, and mutual funds as integrated investment portfolios called “Folios” that deliver better control, greater transparency, and lower cost. Investors can create their own Folios, much like creating personalized ETFs or mutual funds, or invest in over 100 Ready-to-Go Folios representing market indices, sectors, geographical regions, target dates, and more. The Folio Unlimited Plan features unlimited commission-free trading in twice-daily windows for only $29 a month or $290 a year. Ready-to-Go Folios can be managed or unmanaged, are not registered investment companies, and are offered by FOLIOfn Investments, Inc., a registered broker-dealer. FOLIOfn Investments, Inc. does not provide investment, tax, or legal advice. FOLIOfn Investments, Inc., is a member of FINRA/SIPC.