Equity Increase Announced by BitWise Designs: Nasdaq National Market System (NMS) Application
SCHENECTADY, N.Y., Dec. 28 /PRNewswire/ -- BitWise Designs, Inc. (Nasdaq: BTWS - news) announced today that during the 2nd quarter ending December 31, 1999, the company's equity increased $12.4 million through the conversion of approximately $4,000,000 in outstanding convertible debt and the exercise of approximately $6.4 million in outstanding warrants, and a private placement of approximately $2 million.
``The additional capital will enable BitWise Designs and AuthentiDate.com to continue to implement the companies' proposed business plans,' said John T. Botti, CEO of BitWise Designs and Chairman of AuthentiDate.com. ``The increase in the market price for BitWise Common Stock has allowed the company to obtain this additional capital. Also, it allows BitWise to meet the standards for the Nasdaq National Market System. We intend to file an initial listing application with Nasdaq for the listing of our common stock on the National Market System in January 2000. Obtaining a Nasdaq National Market listing is important to BitWise as it seeks to attract greater interest from institutional investors. The NMS listing will also give BitWise the credibility to attract new and retain our existing valued and qualified personnel,' added Botti.
BitWise Designs and AuthentiDate.com is specifically designed to confidentially and affordably secure, as well as authenticate every kind of sensitive document and electronic data file. Some other examples are E-mails, transcripts, banking and electronic trade transactions, voice and video files, bank statements, insurance policies, wills and contracts.
``Our company is now in the strongest cash position and has the lowest long term debt in our 14-year history,' stated Botti. ``The trading activity of the BitWise Design stock, in addition to the number of calls we have received daily, indicate that investors are paying close attention to our overall Internet strategy,' added Botti.
BitWise/AuthentiDate.com was featured on CBS's Evening News in New York City last week. Today, CEO John Botti will appear via satellite to over 25 major television markets nationally. Botti will be interviewed regarding AuthentiDate.com's product on morning shows that will air nationally on the local ABC, CBS, and NBC affiliates. Botti is also being interviewed live today on the FOX Cable Network, which is syndicated nationally, at about 11am EST.
``This growing media interest in BitWise Designs and the AuthentiDate.com product has created excitement for our investors, customers, and home town supporters,' added Botti.
'Time Stops for No One Except AuthentiDate!'
AuthentiDate.com, a subsidiary of BitWise Designs, Inc., offers innovative technology that affords businesses and individuals the opportunity to verify and authenticate the date, time, content and authorship of E-mails, digital files and faxes. Other types of digital files include financial transactions and trades, voice, video, music and movie files, photographic and artistic images and drawings as well as wills, legal, medical and dental records. AuthentiDate.com is used confidentially, affordably and easily from home or office via fax or E-mail. BitWise Designs, Inc., a $17 million company based in Schenectady, NY, manufactures and distributes the DocStar Electronic Image Management System. This press release contains forward-looking statements that involve risks and uncertainties. BitWise Designs actual results could differ materially from the results discussed herein as a result of factors which include, but are not limited to, that there is no assurance that: (i) the Company will be successful in implementing its AuthentiDate.com business plan (ii) the Company will not be adversely affected by continued intense competition in the computer industry or (iii) other risks set forth from time to time in the BitWise Designs of Schenectady, New York filings with the Securities and Exchange Commission. |
