*******FINANCING NEWS*****TSIG.com Announces Current Financing Strategy
Business Wire - September 01, 1999 08:59
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ST. PETERSBURG, Fla.--(BUSINESS WIRE)--Sept. 1, 1999-- TeleServices Internet Group, Inc. (OTC BB:TSIG), known as TSIG.com, today announced its current financing strategy.
TSIG.com successfully completed the sale of over $3,000,000 of convertible debentures in its last private placement financing effort. A significant majority of these debentures have already been converted into common stock.
TSIG.com has now commenced the first phase of a new mezzanine financing strategy of privately placing restricted securities consisting of preferred stock and warrants. For each tranche of the financing, the preferred stock will be convertible into restricted common stock at a fixed conversion ratio that will be above the current market price at the time of each tranche, and the warrants will allow the holder to purchase additional shares of restricted common stock at an exercise price substantially above the market price at the time of each tranche.
TSIG.com anticipates completing three separate tranches for up to $4,000,000 USD. The first tranche, which is substantially completed, will be for up to $1,500,000. Further details will be released as each tranche is completed.
About TSIG.com
Headquartered in St. Petersburg, TSIG.com created the myMusicCard program 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 attract consumers to customers' sites. TSIG.com also provides customer service and support with its Web-based call center and related services. The company's myMusicCard site is at www.myMusicCard.com. For more information on TSIG.com, please visit the company's Web site at www.tsig.com.
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. TSIG.com can give no assurances that the financing described in this press release will be successfully completed.
CONTACT: TSIG.com, St. Petersburg
Paul Henry, 727/897-4000
phenry@tsig.com |
