What do you make of this old news and the % gain yesterday?
Tuesday November 9, 3:05 pm Eastern Time
Company Press Release
Intelispan Announces Proposed Private Placement
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Nov. 9, 1999--Intelispan Inc. (OTC BB:IVPN - news) Tuesday announced that it intends to raise up to $12.0 million in a ''best-efforts'' private placement.
In the proposed private placement, the company expects to sell shares of its restricted common stock (and/or restricted common stock equivalents) at a very substantial discount to the $1.50 closing market price of the common stock as reported on the NASD bulletin board as of the close of business on Nov. 8, 1999.
The number of shares of common stock (and/or equivalents) to be sold in the private placement is expected to be in excess of 51 percent of the issued and outstanding common stock on a fully diluted basis. No assurances can be given when, if ever, the private placement will be concluded or the terms thereof.
The company intends to use the proceeds from the private placement to, among other items, expand its operations, fund planned projects, and for general working capital purposes.
About Intelispan Inc.
Intelispan is an Arizona-based company specializing in secure business communications. Intelispan provides IP-based VPN services with secure remote access and enables customers to rapidly deploy electronic trading communities.
The statements in this press release regarding the private placement are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The company's actual results could differ materially from those set forth in the forward-looking statements.
Factors that could cause actual results to differ materially from the company's expectations include various risks such as the company's need for additional financing, intense competition in various aspects of the company's business, the risks of rapid growth, dependence on key personnel, product obsolescence, and/or lack of market acceptance and other related factors.
The securities to be offered in the private placement have not been and will not be 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.
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Contact:
Intelispan Inc., Scottsdale
Bill Gould, 480/443-3999 ext. 210
Fax: 480/443-4702
bgould@intelispan.net
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