Then the news from April 18/2000
4/18/00 -
Geared For Growth With Completion Of $5.4 Million Financing
RIGHTSMARKET COM INC ("RTS-V;RMKTF-L") - Geared For Growth With Completion Of $5.4 Million Financing
Mr. Lindsay Moir, President and Chief Executive Officer of RightsMarket.com Inc., is pleased to announce that the Company has filed and obtained a receipt for the final prospectus on its previously announced offering of Special Warrants, led by Acumen Capital Finance Partners Limited and
including Yorkton Securities Inc. and Goepel McDermid Inc. RightsMarket has issued a total of 4,000,000 Special Warrants at a price of $1.35 per Special Warrant for gross proceeds of $5.4 million. Fifty percent of the proceeds of the private placement were released on the closing of the
private placement in January 2000. The remaining 50 percent of the proceeds are now releasable to the Company with the receipt for a final prospectus and delivery to the escrow agent by the Company and Acumen of a joint certificate confirming that the RightsMarket technology is hosted
and functioning on the Company 's Web site.
The proceeds will be used to accelerate the Company's research and development program. With in excess of $6.5 million cash in the bank, RightsMarket is well positioned to extend its leadership in the DRM (Digital Rights Management) market. The offering has provided RightsMarket with the
financial resources to achieve critical mass and to gain a significant marketing presence. The Company is assembling a world class development team, which has rapidly grown from two to fifteen highly skilled professionals and will be further increased to approximately 30 professionals in
the next 12 months. To leverage its technology advantage and capitalize on a number of solicitations from potential customers, the Company has intensified its marketing focus and to accommodate the growth in personnel, additional office space has been acquired.
"We are pleased to have reached the final phase of this financing," said Lindsay Moir, President and CEO. "The additional funds will enable RightsMarket to realize its ambitious growth strategies and ensure that the Company has the financial and technical resources needed to meet its objectives. The offering was fully subscribed by some of the most respected institutions in the country. RightsMarket
is fortunate to have attracted such high quality investors, who bring a long term commitment and market support to the Company."
RightsMarket is a high technology company specializing in digital rights management. Its principal product is RightsMarket technology, one of the first online solutions for protecting digital content on the Internet. RightsMarket dramatically increases security, reduces distribution costs and speeds delivery time to the consumer. The technology facilitates the commercial distribution of digital
content by encrypting it, permitting only validated use, metering its use, and creating a transaction log
for reporting and billing. The technology is "persistent" in that the digital content must be unlocked each time it is used. RightsMarket? is a trademark of RightsMarket.com Inc.
For more information about RightsMarket please visit our website at www.RightsMarket.com. TEL:
(403) 571-1835 Lindsay Moir, President TEL: (403) 571-1191 (Direct) email:
moirl@RightsMarket.com TEL: (403) 571-1839
Rob Solinger, CFO email: rob@RightsMarket.com |
