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Aspenwood Capital (www.AspenwoodCapital.com), a Denver-based investment bank, announced today that it has completed a $3.5 million private placement for Identity Rehab Corporation, d/b/a ID Watchdog (www.IDwatchdog.com) of Denver, which provides identity theft detection and protection services.
Aspenwood raised $3.7 million in a previous private placement for Identity Rehab last summer.
“Given the growth of ID Watchdog, we were able to place this transaction with one institutional investor,” said Aspenwood Capital Partner Steve Ossello. “The proceeds from this financing will allow the company to continue to rapidly ramp up its marketing efforts.”
The funds, which will primarily be used for customer acquisition, will enable ID Watchdog to further expand its subscriber-based business. The funds were raised through the sale of the company’s 9% convertible preferred stock and a warrant to purchase common stock.
ID Watchdog is the nation’s only identity theft protection company that provides three-tiered protection for consumers. It was developed with assistance from select government agencies, U.S. Postal inspectors, state and local law enforcement officials, and several state attorneys general. Unlike its competitors, ID Watchdog resolves identity theft problems at their source.
“The private placement was another success for ID Watchdog,” said Justin Yurek, president of ID Watchdog. “We’ve worked with Aspenwood in the past and once again benefited from the firm’s in-depth understanding of our company and its strong relationships with institutional investors.”
The securities issued in the private placement have not been registered under the Securities Act of 1933, as amended. Accordingly, these securities may not be offered or sold in the United States, except pursuant to the effectiveness of a registration statement or an applicable exemption from the registration requirements of the Securities Act. ID Watchdog has agreed to file a registration statement covering resale of the securities by the private placement investors. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities.
ID Watchdog is the only identity theft advocacy company that provides patent-pending 360-degree comprehensive detection, protection and resolution for identity theft. The solutions were developed with assistance from the U. S. Postal Inspectors, state and local law enforcement officials and several state attorneys general and have been endorsed by the Arizona and Colorado Bankers Associations. Since credit reports reflect only a portion of identity theft, ID Watchdog Plus™, the company's most comprehensive offering, analyzes thousands of databases in 13 critical areas, including motor vehicle, medical, criminal, Social Security and national security records, among others, and often detects activity before there is any financial or personal impact to individuals. The company's products are available for purchase by consumers or businesses either individually or as an inclusive suite. For more information please visit www.IDwatchdog.com.
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