Penny Auction Solutions Gets $10M Equity Line

San Diego-based Penny Auction Solutions, a firm looking to enter into the online "penny auction" market, announced this morning that it has gained a $10M, equity line of credit from Kodiak Capital Group. The firm said it will use the funding to establish its operations. The firm says it hopes to begin offerings its services early next year, in the penny auction entertainment shopping area, and also is looking to become a publicly traded company this fall. The firm said the financing will be available to the firm once it files an S-1 with the SEC. The firm lists its CEO as Micheal Holt.