APT MotoVox Group, Inc. announced that it has received $0.08 million in funding from Auctus Private Equity Management, Inc.
August 29, 2014 at 12:00 am EDT
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APT MotoVox Group, Inc. (OTCPK:MTVX) announced that it has entered into a securities purchase agreement for a private placement of one convertible promissory note at $78,500 per note with new accredited investor Auctus Private Equity Fund, LLC, a fund managed by Auctus Private Equity Management, Inc. for gross proceeds of $78,500 on August 29, 2014. The note will have a fixed interest rate of 8% per annum and will mature on May 29, 2015. The note having a principal value of $78,500 is issued at par. The note may not be prepaid in whole or in part except as otherwise explicitly set forth herein with the written consent of the investor which may be withheld for any reason or for no reason. The note will have an interest rate of 22% per annum in case of default. The conversion price shall equal the base conversion price which shall mean 62.5% multiplied by the market price, representing a discount rate of 37.5%. Meyers Associates, L.P. will serve as placement agent to the company. Gary L. Blum of Law Offices of Gary L Blum served as legal advisor to the company. Joseph M. Lucosky of Lucosky Brookman LLP served as legal advisor to the investor. The company paid an advance fee of $3,500 as fees and $2,750 as out of pocket expense to investor.
On August 29, 2014, APT MotoVox Group, Inc. closed the transaction.
APT Motovox Group, Inc. operates through its subsidiary, APT Group, Inc., a propulsion technology company that manufactures and distributes transportation, utility and recreational powersport products. APT Group, Inc. offers Motovox, a range of motorsports products. Its products include mini bikes, which include MBX10, MBX11, MBX12 and MBX20; electric bikes, which include MBxXSe; pit/dirt bikes, which include MVX70, MVX110 and MVX250; Go-Karts, which include MGK11, MGK12 and MGK30; scooters, which include MVS10, and generators, which include MGR10. It also offers a range of parts, including MBX10 Mini Bike Parts, MVS10 Stand Up Scooter Parts, MBX11 Mini Bike Parts, MBxXSe Electric Mini Bike Parts, MGK11/12 Parts, MVX70 Pit Bike Parts and Factory Refurbished.
APT MOTOVOX GROUP, INC. 
