Auction Floor, Inc. a leading web-based technology provider to the auction industry, announced today it has successfully completed the closing of a 1.5 million dollar private placement. American Capital Partners (www.americancapitalpartners.com ) served as the investment banking advisor and placement agent for the financing. The Company will proceed with its SEC registration in order to secure an OTCBB listing by the end of the third quarter 2008.

“This financing has been well planned, and aligned with our strategic interests to strengthen our shareholder base and maximize value as we continue an orderly build out of our technical infrastructure, and execute on our business strategy,” said Lou Sagar, CEO. Parallel with the closing of this financing, the Board of Directors have declared 1 for 25 reverse split of the Company’s common and preferred stock.

Through its web hub, www.auctionfloor.com, the Company is working with auction houses, charities, and direct consignors to simplify auction event management, and utilize its online bidding platform to reach qualified bidders via the Internet.

Posted: 03|4|08 at 2:29 pm. Filed under: Auction News.