TECHNOR SECURES $2M BRIDGE FINANCING PACKAGE
SEPTEMBER 9, 1999 -- Stockholm, Sweden -- Technor International (NASD: TNOR; www.technorinc.com) has arranged bridge financing of 1.9 million dollars with Madison Securities, Inc. of Chicago, Illinois. These funds, and those raised in a private placement planned later this year, will enable Technor?s CellPoint? Systems subsidiary to grow rapidly and expand its staff and resources to meet the demands for its technology and services worldwide.
"This bridge loan gives us maximum flexibility in timing an upcoming private placement and lets us grow quickly enough to accommodate the exploding worldwide demand for our position-location technology," said Peter Henricsson, Chairman of Technor International and CellPoint? Systems. "Madison is a good fit because of their international experience in financing for technology companies."
Loan Details: The bridge loan from Madison Securities consisted of 20 units of one-year, 12 percent promissory notes for $100,000, and included a total of 180,000 warrants for the purchase of common stock.
Nasdaq Update: The final step in the SEC process leading to a Nasdaq listing is the Form 10 filing with the audited financial statement for fiscal year 1999, which ended June 30. This document is to be completed and filed later this month.
About Technor and CellPoint: Technor International is a US company whose CellPoint? System technology uses the Internet and cellular networks to determine physical locations similar to satellite-based Global Positioning Systems (GPS) but with the additional capability of determining location inside buildings, parking garages and other shielded areas such as inside a pocket or briefcase that are inaccessible to GPS systems. There are more than 170 million GSM subscribers worldwide. Technor recently announced contracts with France Telecom Mobiles, a division of France Telecom (NYSE: FTE; www.francetelecom.fr), the world?s second largest telecommunications company, with operations in over 50 countries, and 24.6 billion euros in 1998 revenues; and with Tele2, a division of NetCom (Nasdaq: NECS), the leading telecommunications company in Scandinavia. Technor has filed Form 10SB to qualify for trading on the Nasdaq exchange.
About Madison Securities, Inc.: Madison Securities (www.madisonsecurities.com) is a full-service investment bank specializing in new and emerging technology companies. Madison represents both individual and institutional investors and offers online investment services through the Internet at www.madisononline.com.
For more information, please contact:
Technor International Inc.
CellPoint Systems AB North American Inquiries:
Tel: +46 8 5449 0000 The Rowe Group
Fax: +46 8 3449 0005 877-880-1195
info@technorinc.com ajc@rowe-group.com
www.technorinc.com |
