FOR IMMEDIATE RELEASE
Full Circle Capital Provides Increase in MDU Communications International, Inc. Senior Credit Facility to $30 million
RYE BROOK, NY, June 30, 2008 - Full Circle Funding, LP ("Full Circle Capital") is pleased to announce the expansion of MDU Communications International, Inc.
(OTCBB:MDTV) existing $20 million senior secured credit facility to $30 million. MDU is a leading end-to-end provider of DIRECTV digital satellite television programming and
broadband Internet services to the United States residential multi-dwelling unit market.
The proceeds will be used to fund MDU's continued subscriber growth and provides an attractive alternative to additional equity capital raises. "We continue to believe this long-term non-dilutive financing facility is an excellent means by which to finance our growth. Our financial performance continues to improve
and despite these challenging capital markets, our ability to secure capital, should we choose to utilize it, has not diminished due in part to the recurring revenue nature of
our business and our positive long-term business outlook," commented Mr. Sheldon Nelson, President and CEO of MDU Communications.
John Stuart, Managing Partner of Full Circle Capital commented that "MDU Communications has exhibited significant growth since September 2006, when we first funded the
loan facility. The expansion of this facility is designed to enable MDU Communications to continue its subscriber growth, provide enhanced liquidity and build overall value to
its enterprise and asset base."
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About Full Circle: Full Circle Funding, LP ("Full Circle Capital"), Rye Brook, NY, is a specialty finance company formed in September 2005 to originate and acquire senior
secured loans, participating debt instruments and leases in niche or underserved markets. Full Circle focuses on opportunities characterized by strong underlying assets or
other collateral. One of Full Circle Capital's primary initiatives is to offer flexible borrowing solutions to media and communications companies for the purpose of growth
capital and new development, acquisitions and/or refinancing of existing capital. Full Circle Capital provides funding amounts of $1 - $30 Million, or more. Full Circle Capital
manages a captive pool of capital for these purposes.
For more information, please contact: John Stuart, Managing Partner (914) 220-6250 www.fcfcapital.com
About MDU Communications: MDU Communications International, Inc. (OTCBB: MDTV), through its wholly owned subsidiary MDU Communications (USA) Inc., is a leading
full service provider of premium communication/information services, including DIRECTV digital satellite television, private cable television services and high-speed
(broadband) Internet access, exclusively to the United States multi-dwelling unit (MDU) marketplace - estimated to include 26 million residences. The Company is committed
to delivering state-of-the-art and next generation interactive communication service solutions to MDU property owners and residents. For additional information, please see
www.mduc.com or contact Investor Relations.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements relating to subscriber and revenue
growth of the Company. Such statements involve risks and uncertainties which may cause results to differ materially from those set forth in these statements, including, but
not limited to, fluctuations in operating results and operating plans, deployment of new subscribers, closing of certain acquisitions, market forces, supplier negotiations and
other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including, but not limited to, the Company's 10-KSB for year
ended September 30, 2005, and incorporated herein by reference.
For more information, please contact: Sheldon Nelson, CEO (973) 237-9499 www.mduc.com |