Here is their latest financing package released:
biz.yahoo.com
Monday May 18, 7:29 am Eastern Time
Company Press Release
ObjectSoft Announces $7.1 Million Equity Facility From Institutional
Investors
HACKENSACK, N.J.--(BUSINESS WIRE)--May 18, 1998--ObjectSoft Corporation (NASDAQ:OSFT - news)
announced today that it entered into a Private Equity Agreement with several institutional investors arranged by Settendown
Capital International, Ltd. which provides for a commitment for up to $7.1 million in financing.
''This financing strengthens ObjectSoft financially, and is expected to provide us with the necessary resources to execute our
business plan,'' said David E. Y. Sarna, Chairman and co-CEO of ObjectSoft.
ObjectSoft, which operates community-oriented kiosks in public places in New York City and is beginning a similar program in
the city of San Francisco later this month., plans to use the funding to deploy more kiosks in the New York and San Francisco
markets. Additionally, the funding will allow the company to negotiate arrangements for kiosks, which generate revenue in the
form of advertising, in other cities which it plans to enter in the next 12 months.
Recently, Microsoft (NASDAQ:MSFT - news), Con Edison (NYSE:ED - news), and Isabella Geriatric Center committed to
advertise on the company's SmartSign kiosks in New York.
Under the agreement ObjectSoft sold 444,444 shares of Common Stock together with warrants to purchase 18,000 shares of
stock for a total consideration of $900,000. The Company, subject to the satisfaction of certain conditions, has the option of
accepting additional investments totaling $1,200,000 in preferred securities and may, from time to time, ''put'' to the investors
Common Stock of the Company, potentially producing proceeds of up to $5,000,000.
About ObjectSoft
Founded in 1990, ObjectSoft is a leader in providing information- and Internet-based services through public access terminals
and has pioneered secure credit card processing of electronic commerce.
ObjectSoft is a publicly held company listed on NASDAQ SmallCap. For more information on ObjectSoft, visit their website
at objectsoftcorp.com.additional details on the financing are provided in the Company's Quarterly report on Form
10-QSB which was filed on May 15, 1998 with the Securities and Exchange Commission (http://www.sec.gov).
This press release contains certain forward-looking statements concerning ObjectSoft which are subject to a number of known
and unknown risks that could cause actual results, performance and achievements to differ materially from those described or
implied in the forward-looking statements. Among such risks are those discussed in the Company's Registration Statement on
Form SB-2 and its Annual and Quarterly Reports on Forms 10-KSB and 10-QSB, respectively, and include, but are not
limited to, limited operating history, recent establishment of new business divisions, dependence on new and untested product,
risks related to technological factors and potential manufacturing difficulties.
Contact:
Rubenstein Associates
Public Relations
Brian Bailey - (212) 843-9258
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