Not real clear in this PR but worth checking once the filings hit the SEC..
Wednesday December 26, 5:57 pm Eastern Time
Press Release
SOURCE: SSP Solutions Inc.
SSP Solutions Announces $2.5 Million in Private Funding
IRVINE, Calif.--(BUSINESS WIRE)--Dec. 26, 2001--SSP
Solutions (Nasdaq:SSPX - news), providing solutions and services that secure access control and real-time movement of financial transactions and other valued digital content, today announced funding of $2.5 million through a private offering of subordinated convertible debentures due 2004.
The debentures have a term of three years and include provisions for both automatic and voluntary conversion into the company's common stock. Initially, the debentures are convertible at $3.60 per share. The note purchasers were granted certain registration rights with respect to the securities issuable upon conversion of the notes.
SSP intends to use the net proceeds from the offering for the expansion of marketing and sales together with short-term working capital. Note purchasers include SSP Co-Chairmen and Co-CEOs Kris Shah and Marvin Winkler, and Richard P. Kiphart, a principal of William Blair & Co., L.L.C., an investment banking firm.
SSP has also concluded an accounts receivable financing agreement with Wells Fargo Business Credit Inc., guaranteed by Shah and Winkler.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities. This news release is being issued pursuant to and in accordance with Rule 135c under the Securities Act of 1933. The notes and the common stock issuable upon conversion of the notes have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws. Unless so registered, the notes and common stock issued upon conversion of the notes may not be offered or sold in the United States except pursuant to an applicable exemption from the registration requirements of the Securities Act of 1933 and applicable state securities laws.
About SSP Solutions Inc.
SSP Solutions develops and distributes the SSP(TM) Solution Suite of services, hardware, software, and embedded security products designed as the Trusted Symbol of the Digital Economy(TM). The company's SSP-Litronic Division has a 30-year history of leading-edge technology and data security solutions for government communications. SSP products embed security and trust throughout the transaction chain, protecting electronic communications and financial transactions, physical and electronic access, and the exchange of copyrighted digital content.
By combining its own technology with a range of partners' technologies and intellectual properties, SSP products represent the first open embedded security architecture simultaneously supporting public key infrastructure (PKI) and multiple standards of digital rights management. SSP's custom-made enterprise security solutions address digital rights management, financial services, government, entertainment, healthcare, and education. For additional company information, visit sspsolutions.com or call 949/851-1085.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
With the exception of historical information, matters discussed in this news release are forward-looking statements involving a number of risks and uncertainties, and may not be achieved due to factors beyond the company's control. Other risks inherent in the company's business are described in Securities and Exchange Commission filings. SSP Solutions Inc. undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
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Contact:
SSP Solutions Inc., Irvine
Thomas E. Schiff, (Editorial), 949/851-1085
tom.schiff@sspsolutions.com
or
Hill & Knowlton
Eileen Morcos, (Investors), 323/966-5748
emorcos@hillandknowlton.com
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