Lehman Brothers invest in another company:
Press Release:
biz.yahoo.com
uesday November 16, 10:17 am Eastern Time
Company Press Release
Basis100 Completes a $12 Million Special Warrant Financing
TORONTO--(BUSINESS WIRE)--Nov. 16, 1999--Basis100 Inc.(TSE:BAS. - news), an Internet-based e-commerce services provider currently operating a
specialized national network for the mortgage industry in Canada, announced today the completion of a $12 million special warrant financing. On October 27,
1999, six million special warrant subscriptions were issued at $2 each, with each special warrant exercisable for one common share for no further consideration.
This financing, together with the previous private placement of $3.9 million, will provide working capital for the development of Basis100's business. Each financing
was negotiated prior to Basis100's amalgamation with Autrex, Inc., and the listing of Basis100 on the Toronto Stock Exchange (TSE).
Lehman Brothers, a leading global investment bank serving the financial needs of corporation, institutions, governments, and high-net-worth individuals worldwide,
has made a strategic investment in the newly listed company. The investment by Lehman Brothers was made as part of that firm's global mortgage-related
e-commerce activities.
``Lehman Brothers' involvement with Basis100 offers significant opportunities for us in the US,' said Gary Bartholomew, Chairman, CEO, and President of
Basis100. ``Access to the business-to-business and business-to-consumer niches that we are targeting will be enormously augmented by our partnership with an
organization of Lehman's stature.'
``Basis100's strong position in Canada is increasingly appealing to major US lenders,' said Lee Einbinder, Managing Director at Lehman Brothers. ``The company
has a solid business-to-business strategy for automating mortgage processing and their technology has applications in key sectors of the US lending market. We are
excited to participate in Basis100's early development as we continue to support emerging technology companies that can improve business efficiency in the
markets we serve.'
Basis100 was founded to capitalize on the opportunities proliferating in financial services as the evolution of the Internet propels the sector through a profound
transformation. Basis100 combines innovative market approaches with a deep understanding of the financial services sector, and incorporates state-of-the-art
technology into the development of uniquely powerful application services.
The company's value-based services increase the efficiency of business-to-business and business-to-consumer transactions. Basis100 is able to uncover new
market opportunities and customer bases by applying Internet-based technology to a broad range of financial products, services, and channels. Basis100 also links
community-of-interest networks; this creates cross-selling opportunities around purchase transactions, which drives more value and return for institutions and their
trading partners.
Contact:
Mike Kraemer
Basis100 Inc.
416-364-6085 ext.106
mkraemer@basis100.com
Regards,
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