Every million bucks helps here...this takes care of the PSE situation and gives the company the resources to ramp up....
(BSNS WIRE) Socket Communications, Inc. Completes $1 Million Private Pla
Socket Communications, Inc. Completes $1 Million Private Placement Equity
Financing
Business Editors/High-Tech Writers
NEWARK, Calif.--(BUSINESS WIRE)--Sept. 30, 1999--Socket
Communications, Inc. (OTC BB:SCKT)(OTC BB:SCKTW)(PCX:SOK) today
reported that it completed a private placement equity financing of
approximately $1,011,000 consisting of approximately 936,000 shares of
common stock at $1.08 per share and three-year warrants to acquire an
additional 140,000 shares of common stock at the same price.
The net proceeds from the financing will increase the company's
working capital to finance its operations and anticipated growth.
"This financing provides additional working capital to support
the introduction and sale of Socket's newest Windows-CE based
connection products, including its recently announced digital phone
cards for the North American CDMA and worldwide GSM markets, and its
newest bar code scanner, the In-Hand Scan Card," said chief financial
officer David Dunlap.
"These products are expected to begin volume shipments in
October. This financing will insure that the Company's working capital
balances are adequate to fund this anticipated growth. We are very
pleased with the support we continue to receive from Socket's
investors in providing necessary working capital through additional
equity investment."
The company expects this financing to bring it into full
compliance with the minimum listing requirements of the Pacific
Exchange by increasing its tangible net assets above the Exchange's
$500,000 minimum threshold for continued listing. The company had been
granted an extension of time to October 1999 by the Exchange to return
to full compliance. The company's securities also trade on the Nasdaq
Over-the-Counter Bulletin Board under the symbol SCKT.
Forward Looking Statements
This press release contains forward looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended,
including statements regarding the use of working capital, the
development and commercial introduction of connection products for
Windows CE computers and devices, the timing of volume shipments of
the company's products, the company's compliance with minimum listing
requirements, and statements forecasting anticipated growth in the
company's business relating to Windows CE connection solutions. Such
statements involve risks and uncertainties, and actual results could
differ materially from the results anticipated in such forward looking
statements as a result of a number of factors, including, but not
limited to, the risk of delays in the availability and commercial sale
of these products due to technological, market or financial factors,
the availability of announced Windows CE hardware and software, the
market acceptance of Windows CE computers and the company's related
connection products, or the other factors described in the company's
most recent Form 10-KSB and Form 10-QSB filed with the Securities and
Exchange Commission.
About Socket Communications
Socket Communications, Inc. develops and sells connection
products for Windows CE-based computers and other devices. Socket's
products include the Battery Friendly(TM) family of plug-in cards for
enhancing Windows CE-based computers by adding networking, bar code
scanning and printing, data communication, and wireless Internet
connectivity. Socket's products utilize the company's low power chip
technology, making them ideal for battery-operated mobile computers.
Information about Socket's complete range of products is available on
the company's web site at www.socketcom.com.
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CONTACT: Socket Communications, Inc., Newark
David Dunlap, 510/744-2735
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED TELECOMMUNICATIONS
PRODUCT
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