Projo Biz Blog

Providence-based Nestor, Inc. (NEST:OTCBB) said it secured $500,000 in new financing to support growth in the company's automated traffic safety enforcement business.

Several institutional and accredited investors committed $500,000 dollars in bridge financing. Nestor's board of directors approved the investment.

Clarence A. Davis, Nestor's chief executive officer, said, "We are extremely pleased with investors' demonstrated confidence in Nestor. To have secured financing in this market on such favorable terms demonstrates Nestor's inherent strength and serves notice that we are here to stay."

Nestor's third quarter financial results will be released mid-November.

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