Sew Cal Logo, Inc., a Southern California based film wardrobe, hat and surf wear manufacturing company, has completed the first two rounds of a 3 phase funding which, when completed, will provide the Company with a principal amount of $2,000,000 in working capital to expand its business model with a line of sports and surf wear.
On February 16, 2006, the Company received initial gross proceeds of $700,000 in the form of an 8% convertible debenture. The second gross proceed payment of $600,000 was funded today, based upon the completion of the filing of a registration statement by the Company on March 9, 2006. The final gross proceed payment of $700,000 will be received by the Company when the registration statement is declared effective by the Securities and Exchange Commission.
Rick Songer, Founder, President and CEO of Sew Cal Logo, expressed his excitement when he said, “Over the past year, our company has worked diligently to design a new line of Surf and Sports wear in conjunction with the Pipeline Posse trademark. We have worked closely with its founder Braden Dias, a world class professional surfer known worldwide as one of the best ever to surf Banzai Pipeline of Oahu's North Shore.” Mr. Songer continued, “With these funds, our design team can now take the new line to the next level, and our sales and marketing people will begin to offer these goods to the youth oriented retail market in keeping with the Company's mission of exporting the California Life Style to the rest of the world.”