ESAT Raises $5 Million From Outside Investor

ESAT Inc. said Wednesday that it has entered into an agreement with a third-party investor for the immediate purchase of $5 million of convertible preferred stock and the establishment of a $20-million equity line of credit.

The Fountain Valley provider of satellite-based information delivery systems did not identify the investor.

The funds will help satisfy ESAT’s working capital requirements for next year, enabling the company to have sufficient liquidity for operations while it builds its global satellite backbone.

ESAT’s mission is to become a leading satellite-based broadband service provider worldwide.