News - Private Placement
Clariti Telecommunications International Ltd. Receives Commitments for $27 Million in Private Placement
PHILADELPHIA--(BUSINESS WIRE)--Oct. 11, 1999--Clariti Telecommunications International, Ltd. (OTC:CLRI) ("Clariti") today announced that it has received commitments for $27 million in a private placement to European investors.
The Company will sell an aggregate of 10.8 million shares at a price per share of $2.50 and issue warrants exercisable until September 30, 2000 at an exercise price of $4.00 per share. The Company has received $10.8 million to date with the remainder to be received by November 30, 1999.
Clariti stated that it believes that these funds will provide adequate working capital through June 2000 for the development of its Global IP Network providing data, voice and messaging solutions for the International Telecommunications market.
The securities offered will not be and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
About Clariti Telecommunications
--------------------------------
Clariti Telecommunications International, Ltd. is a diversified international telecommunications company headquartered in Philadelphia. Clariti has assembled a group of leading-edge telecom businesses that cover the "4 corners" of telecom: voice, data, internet and wireless. Clariti is integrating these "4 corners" through clari.net, Clariti s IP-based international telecom network.
The Company offers an array of internet-based products and services, including a state-of-the-art Voice Over IP telecom network for low-cost international calls, high-speed internet access, Web hosting, and E-commerce solutions.
Clariti is also planning to participate in the recently deregulated European telecom market by providing domestic and international IP telephony, internet and Wireless telecommunications services in the United Kingdom and Europe.
Clariti is also developing the ClariCast(TM) Wireless Voicemail System, a patented digital wireless system that combines attributes of pagers, mobile phones, and voicemail. Clariti has operations in the U.S., Europe, and Australia, and markets its products and services to customers in rapidly growing wireless telecom markets such as Latin America, Asia, Europe, the Middle East, and the U.S. More information on Clariti and its products and services can be found on the World Wide Web at clariti.com.
Special Note Regarding Forward-Looking Statements..... |
