(BSNS WIRE) TSIG.com Engages Investment Bank for up to $40 Million Equit
TSIG.com Engages Investment Bank for up to $40 Million Equity Financing;
Announces Special Shareholders' Meeting
Business Editors/Technology Writers
ST. PETERSBURG, Fla.--(BUSINESS WIRE)--Feb. 29, 2000--
TeleServices Internet Group Inc. (OTCBB:TSIG), known as
TSIG.com, today announced that it has entered into a letter agreement
engaging a prominent New York based investment banking firm as its
exclusive agent for a private placement financing of up to
$40 million.
SEC rules prohibit the company from identifying the investment
banking firm. It is contemplated that the proposed private placement
would be for a common stock equity line of credit. The securities will
not be registered under the Securities Act and may not be offered or
sold absent a registration or an applicable exemption from
registration, but the investors would have registration rights. Other
terms of the offering are unknown at this time.
The bank has advised TSIG.com that before this financing can be
completed, the company must restructure its existing capitalization by
reducing the number of shares of common stock outstanding. The company
plans a shareholder meeting on March 27, 2000, to consider such
restructuring.
About TSIG.com
Headquartered in St. Petersburg, Florida, TeleServices Internet
Group Inc., known as TSIG.com, created the My MusicCard program
(http://www.mymusiccard.com) to enable consumers to purchase CDs and
cassettes at the lowest prices, and to develop revenue-generating
programs with corporations and non-profit organizations that drive
consumers to customers' Internet sites for the lowest cost in the
industry. Similarly, TSIG.com's My PhotoCard programs provide the
lowest cost film processing and Kodak film. These unique marketing
programs provide high margin returns and help build brand loyalty and
awareness within target communities. TSIG.com also provides customer
service and support with its web-based call center and related
services.
This press release contains "forward-looking statements" within
the meaning of Section 27A of the 1933 Securities Act and Section 21E
of the 1934 Securities Exchange Act. Actual results could differ
materially, as the result of such factors as (1) competition in the
markets for the products and services sold by the company, (2) the
ability of the company to execute its plans, (3) the availability of
financing at favorable terms, and (4) other factors detailed in the
company's public filings with the SEC.
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CONTACT: TSIG.com, St. Petersburg
Paul Henry, phenry@tsig.com
Richard Wheeler, dwheeler@tsig.com
727/897-4000
KEYWORD: FLORIDA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS INTERNET ELECTRONIC
GAMES/MULTIMEDIA TELECOMMUNICATIONS E-COMMERCE
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