VantagePoint Increases Position in ASD Systems, Inc.
GARLAND, Texas, Dec. 8 /PRNewswire/ -- ASD Systems, Inc. (Nasdaq: ASDS) today announced that VantagePoint Venture Partners III (Q), L.P. and VantagePoint Communications Partners, L.P., elected on November 29, 1999 to exercise all of their common stock purchase warrants in ASD Systems, Inc., acquiring an additional 2,597,400 shares of common stock in the company. The warrants were acquired by the funds in connection with the Company's preferred stock financing closed August 23, 1999, and carried an exercise price of $2.94 per share. ASD Systems will not receive any cash proceeds upon the exercise of the warrants as the VantagePoint funds have elected to satisfy the exercise price by using the warrants cashless exercise feature, which reduces the number of shares granted to the funds upon exercise. After the exercise, the VantagePoint funds will collectively own 4,847,400 shares of common stock, representing approximately 23.0 percent of the outstanding stock of the Company. "We are excited about the future of ASD Systems," said Alan E. Salzman, managing partner for VantagePoint. "We have therefore decided to exercise 100 percent of our warrants and increase our ownership in ASD Systems to the fullest extent possible."
ASD Systems provides software and manages the infrastructure behind e- commerce. ASD's software and comprehensive service solution enables Internet retailers and direct marketing businesses to outsource their complete commerce-related operations. ASD's software integrates clients' Web sites with multiple call centers, fulfillment centers and drop-ship vendors. Clients can also outsource their operations to ASD's integrated network of call centers and strategically located fulfillment centers. The ASD solution is priced on a per-transaction basis, reducing clients' initial costs and speeding their time to market.
For more information on ASD Systems, please visit asdsystems.com.
Media Contact: Investor Relations Contact:
Brendan Cohen David E. Bowe
Director of Marketing Executive Vice President and
ASD Systems, Inc. Chief Financial Officer
(214) 348-7200 ASD Systems, Inc.
bcohen@asdsystems.com (214) 348-7200
dbowe@asdsystems.com
SOURCE ASD Systems, Inc.
CO: ASD Systems, Inc.; VantagePoint Venture Partners III [Q], L.P.; VantagePoint Communications Partners, L.P.
ST: Texas
IN: CPR
SU:
12/08/1999 18:48 EST prnewswire.com |
