NEWBURYPORT, MA -- (Marketwired) -- 06/06/13 -- Trunity Holdings, Inc. (OTCQB: TNTY) (OTCBB: TNTY) ("Trunity"), the creator of the education%2f">Trunity eLearning Platform that empowers education%2f">higher education, K-12, corporate enterprises and government agencies worldwide to create, manage and share knowledge, today announced the completion of an equity private placement, raising $3.575 million in gross proceeds. The financing will allow the Company to execute strategies designed to accelerate its growth and support global growth initiatives, including the deployment of the Trunity eLearning Platform into classrooms around the world and the expansion of the Trunity Knowledge Exchange.
The offering was led by Pan-African Investment Company, LLC ("PIC"), a New York City-based private investment firm, headed by its co-CEO, Dana Reed, who will also serve on Trunity's Board of Directors. PIC was founded by Dick Parsons and Ronald Lauder. Parsons and Lauder formed PIC to identify, invest in and provide solutions that effect growth and development in Africa.
Reed stated, "PIC's investment in Trunity is a direct reflection of our confidence in the Company's outstanding technology platform and experienced management team. Trunity has demonstrated that it can execute and scale large countrywide deployments as demonstrated by its recent announcement that it was selected by the Government of Ukraine to serve its 1.5 million students." In addition to leading this investment, PIC entered into an exclusivity agreement whereby they will introduce the Trunity eLearning Platform to African nations seeking to rapidly improve the quality of education in their respective countries. Continuing, Reed added, "As a member of the Board, I look forward to working in close collaboration with Trunity's leadership and playing a prominent role in helping the Company to achieve its full growth potential."
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