Mikojo, Inc. (OTC:MKJI) has announced that it has entered into a credit enhancement agreement (the Facility) with Atlas Investment Corporation as of January 22, 2010. The agreement is pursuant to which Atlas will issue Letters of Credit (LCS) for the support of Mikojo advertising expenses aggregating $23 million over a 14 month period. By the terms of the Facility, the LCs, provided by Atlas, will be issued by acceptable banking institutions serving as collateral for Mikojo’s agreements with advertising partners. The LCs are anticipated to be issued, released and re-issued on a revolving basis. The maximum amount of LCs outstanding at any time will be $5,000,000.
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Mikojo is a provider of Internet search services and technology. Mikojo is implementing technology that it believes will improve the search experience for consumers by providing mechanisms for users to specify search queries that integrate multiple data sources on the Internet. Based in Foster City, California, with offices also located in Los Angeles and Australia, Mikojo has a history of technology innovation in data integration and Internet search. The Company is incorporated in Delaware and trades on the OTC Bulletin Board under the symbol MKJI.
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