Funds raising
Company Press Release
HyperDynamics Corp. Raises $2 Million in Capital
Company Plans Application for Nasdaq Listing
HOUSTON--(BUSINESS WIRE)--Jan. 19, 2000--HyperDynamics Corp. (OTCBB:HYPD - news), a premier ITSP (Information Technology Service Provider), today announced that J.P. Carey Securities Inc. of Atlanta has raised $2 million in capital for HyperDynamics.
The capital was raised pursuant to a private placement of the company's securities.
Kent Watts, President & CEO, stated: ''Obtaining this growth capital is the first step of our capitalization plan for this year. We are now at least four months ahead of our goal to qualify for a Small-Cap Nasdaq listing. Because we have no debt, and have controlled our overhead, we now have resources to support our expected growth in revenues and profits.''
Watts further stated: ''The funds will be used primarily for working capital for our planned acquisitions in the coming months. We will also enhance our sales and marketing budget and provide for nominal enhancements to our IT hosting infrastructure to include the upgrade of our in-house systems, creating an efficient mechanism for the assimilation of our acquisitions.''
Pursuant to the transaction, HyperDynamics issued 2,000 shares of its 4 Percent Series A Convertible Preferred Stock. The company also issued to the investors 200,000 warrants exercisable for cash only at $5.9125 per share and 200,000 warrants exercisable for cash only at $7.095 per share to Agents.
This could provide approximately $2.6 million in additional capital upon full exercise. The company plans to file its Form 8K regarding all details of this financing in the next few days.
About HyperDynamics
HyperDynamics is a premier ITSP (Information Technology Service Provider) that maximizes its clients' return on their technology investment. Through IThost.net Corp., its wholly owned subsidiary, HyperDynamics provides conventional IT services, migration services from conventional ways of doing business to eBusiness, and complete IT hosting services providing a turn-key answer for its clients' complete IT requirements on an improving cost/benefit basis.
Through an aggressive acquisition strategy, the company continually builds and enhances its IT capabilities by focusing on technically talented entrepreneurs that are experienced in running profitable IT service operations.
HyperDynamics is a fully reporting company with the Securities & Exchange Commission, and its stock trades under the symbol HYPD on the OTC Bulletin Board.
For further information or to be placed on the company's News & Information List, contact Stock Enterprises, James Stock, Tel: 702/614-0003.
COMPANY WEB SITE: www.hypd.com
CONTACT: HyperDynamics President Kent Watts, Tel: 713/660-9771 |
