August 25, 11:41 am Eastern Time
Company Press Release
SEDONA Corporation Fully Funds the Repurchase of its Series E Convertible Preferred
LIMERICK, Pa.--(BUSINESS WIRE)--Aug. 25, 1999--SEDONA Corporation (NASDAQ: SDNA - news), today announced that it has fully funded the repurchase of its Series E Convertible Preferred Stock, and due to certain SEC regulatory constraints, has scheduled the settlement date for no later than September 20, 1999.
As initially announced on May 17, 1999, the Company indicated that this approximately $2.76 million equity transaction will result in the repurchase of all of its outstanding Series E Convertible Preferred Stock.
The Company further indicated that this transaction has significantly reduced the number of shares of common stock that the Company would likely have been required to issue to the holders of the Series E Convertible Preferred, had this transaction not been completed.
Laurence L. Osterwise, President and CEO of SEDONA Corporation, commented that; ''We are very pleased that this transaction will be completed following the 20 business day period required by the SEC. With this transaction behind us, we can now more fully focus our energies on the growth of SEDONA as a provider of internet-based business intelligence software.''
Mr. Osterwise continued, ''With the recently announced sale of TRC and letter of intent to sell Tangent Imaging Systems, coupled with the retirement of the Series E Preferred, we are poised to achieve the success for which Sedona has been positioned.''
About SEDONA Corporation...
SEDONA Corporation, headquartered in Limerick, Pennsylvania, through is Sedona GeoServices business unit, develops and markets enterprise scale business geo-intelligence solutions that focus on ease of use, interoperability, Internet accessibility and intuitive visualization of geographic components of enterprise data.
Through strategic industry alliances, SEDONA is uniquely positioned to address the needs of Oracle database customers.
The vision of the company is to enable business clients to turn warehoused data into relevant visual information from which informed decisions are made to swiftly improve bottom-line results. SEDONA and its operating companies can be found on the Web at www.sedonacorp.com.
Forward Looking Statements...
Statements made in this news release that relate to future plans, events or performances are forward-looking statements.
Any statement containing words such as ''believes'' ''anticipates'' ''plans'' or ''expects'' and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.
SedonaCorp and SEDONA Corporation are registered trademarks of SEDONA Corporation. Tangent, Tangent Imaging Systems, SpatialVision and Sedona are trademarks of SEDONA Corporation. All other product names are trademarks or registered trademarks of their respective companies.
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Contact:
SEDONA, Limerick
Vicki Franchetti, 610/495-3003 x214
Fax: 610-495-3092
Web: www.sedonacorp.com o
Email: vickif@sedonacorp.com
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