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Online Movie Streamer Kanakaris Signs Funding Pact
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Newport Beach's Kanakaris Wireless Corp. has signed an initial pact for up to $3 million of financing from several New York investment funds, the company said. Some $600,000 of the expected funding could close in the next few weeks.
Kanakaris runs Web sites that offer movies and other content via streaming video. The company also distributes DVDs and videocassettes.
Company officials didn't disclose which firms may take part in its funding. But they plan to cite the expected investors in an upcoming filing with the Securities and Exchange Commission.
"In a tough economic environment, Kanakaris Wireless is pleased to be in the process of obtaining additional financing to support our content distribution and video distribution businesses," Chief Executive Alex Kanakaris said in a statement.
News of the pending funding comes after several months of bad publicity centering on Kanakaris' donations to Gov. Gray Davis and earlier investigations or Kanakaris by the SEC.
Only three days after taking a $10,000 donation from Kanakaris, Davis came to Orange County to promote Kanakaris in a live interview via the company's Web site,...