IARC news
Tuesday November 30, 11:54 am Eastern Time
Company Press Release
Information Architects Corporation Secures Over $7 Million in Equity Financing
Funding Secured to Roll-out XML-Based Dynamic Internet Syndication and Aggregation Services
CHARLOTTE, N.C.--(BUSINESS WIRE)--Nov. 30, 1999-- Information Architects (iA) Corporation (NASDAQ: IARC - news), providers of XML-based dynamic content aggregation and syndication solutions for the Internet, today announced the completion of Mezzanine-round institutional funding.
Led by Stonegate Securities, Inc., Information Architects secured over $7 million of institutional funding through the private placement of common stock.
According to Release 1.0, a leading industry analyst newsletter, online syndication will evolve into the core model for the Internet economy, allowing businesses and individuals to retain control over their online personae while enjoying the benefits of massive scale and scope.
``We are very pleased to have attracted quality financing from Stonegate Securities and their associates,' said Robert F. Gruder, iA's Chairman and CEO. ``Information Architects will utilize the funding to establish branding for its patented Metaphoria technology as well as assist in the building of infrastructure to support client delivery. The stock was priced at a discount to market on the close of business on November 18, 1999. This new institutional support enables us to move forward aggressively with deploying the next-generation content syndication and aggregation services for the Internet.'
``Information Architects software has taken syndication to the next generation. It is this next generation approach to syndication and aggregation that we believe gives Information Architects a significant technological advantage in the marketplace,' said Gruder. ``Information Architects dynamic syndication makes it possible for content providers to customize content and lowers the bar to attracting new subscribers. As a result, the Metaphoria Framework helps companies to successfully compete in attracting new subscribers, while maximizing online investment by expanding their revenue stream and at the same time, minimizing costs.'
``Information Architects' next generation Internet applications were enthusiastically embraced by the institutional investment community. With the emergence of XML, the stage is set for a quantum leap in the ways businesses exploit the Web for competitive advantage,' said Scott Griffith, managing partner of Stonegate Securities. ``As corporate IT spending continues to grow and move towards the Internet, we believe Information Architects next generation XML-RDF aggregation and syndication products will play a major role in helping companies shape their businesses on the Internet.' |
