SmarTire signs equity agreement

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SmarTire's new $15 million standby equity distribution agreement with Cornell Capital Partners LP will enable the company "to pursue business opportunities on a global basis," according to the tire pressure monitoring system manufacturer.

Under terms of the deal, SmarTire -- at its descretion -- may issue shares to Cornell Capital at any time over the next two years.

In addition, SmarTire has arranged a second $750,000 unsecured, promissory note with Cornell Capital.

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