Mcglen Raises $1 Million in Private Stock Sale

Mcglen Internet Group Inc., a Tustin Internet electronic commerce company, said Tuesday it has raised $1 million in a private sale of 1.33 million shares from a previously announced founder’s pool of stock.

Mcglen said in a news release that using stock from the pool of 10 million shares does not result in any dilution to shareholders.

Lan Plus Corp., which recently agreed to merge with Mcglen, provided $500,000 of the investment.