Angel Acquisition raises $3.5m for its microfinance portal from Clearstone

By Nagesh Narayana

Microfinance Focus, Feb 3, 2010: Angel Acquisition Corp. has signed an agreement with a private investor to partner with Angel’s new micro financing, micro banking and micro lending network www.angelsinaction.tv

The company has secured a financing commitment of $3.5 million from Clearstone Partners, Inc., a private investment company located in the Turks and Caicos Islands BWI. The investment is structured as a Secured Convertible Note with a maturity date of December 31, 2010. Clearstone has committed to be the primary source of capital behind the upgraded, innovative Microfinance web-portal www.angelsinaction.tv and The Angels In Action community.

The Angels In Action community actively features U.S. based entrepreneurs, promotes their products and services, and administers micro-loans. The site also features “Angels,”– generous Americans and global citizens who “Spend to Lend.” These individuals and/or “Teams” — groups of Angels such as churches, organizations, clubs, etc. — spend $10 or more per month into the site, and finance the dreams of American entrepreneurs.

Clearstone Partners is an offshore private equity investor dedicated to serving the financial needs of US Publicly Traded Companies. “We are pleased to add Angel Acquisition Corp. to our portfolio,” said Mark E. Theriot, Clearstone’s Managing Director. “The emerging Microfinance Sector in the US is boundless and we are ecstatic to assist Angel Acquisition Corp. in its endeavors to improve the lives of American Entrepreneurs.
“We are absolutely thrilled to partner with Mark Theriot and his private equity group www.investorrelationsintl.com,” says Steve Bonenberger, CEO of Angel Acquisition Corp. As each Angel spends into the Angels In Action web-portal, they allow AIA to make direct micro-loans to U.S. based entrepreneurs in need. It’s an extraordinary opportunity to rebuild the U.S. economy from the ground up.

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