DWLD NEWS......
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Thursday June 1, 2:42 pm Eastern Time
Company Press Release
DataWorld Solutions, Inc. Completes $1,600,000 Financing
FARMINGDALE, N.Y.--(BUSINESS WIRE)--June 1, 2000--DataWorld Solutions Inc. (OTCBB: DWLD - news) (Frankfurt - VRX), manufacturer and distributor of electronic cable, accessories, and custom cable assemblies for data, voice and video communications systems, today announced the closing of a private financing of $1,600,000.
Daniel McPhee, DataWord's President and CEO, stated, ``The successful closing of this phase of our financing plans, and the expressions of interest the Company has received for additional financing, represents a vote of confidence in the Company's strategic direction.''
The financing consisted of the sale of $1,600,000 in Convertible Debenture Notes from the Augustine Fund, L.P., a Chicago based Investment Company. The Augustine fund also has an option for an additional $1.6 million in convertible debenture notes, which would bring the total financing to $3.2 million. The Delano Group Securities assisted the Company with the Augustine Capital transaction. Thomas F. Duszynski, Chief Operating Officer of Augustine Capital Management, Inc. added, ``We are very excited about our relationship with DataWorld, Inc. and look forward to participating in future financing.''
Nick Hutzel, DataWorld's VP/Controller stated. ``The Company's future has never looked brighter. We are building on last years introduction of new management as well as an enhanced product line combined with this latest round of financing to rapidly grow the company's sales in 2000.''
About DataWorld;
DataWorld Solutions, Inc., formerly Vertex Computer Cable & Products, Inc., is a multi-regional value-added specialty distributor of electronic cable assemblies used in providing connectivity solutions, which includes systems integration, for customers operating a wide range of data systems. This includes linking or connecting standard or proprietary electronic devices and peripheral components from different vendors to provide solutions for various customer requirements. The Company adds value by providing connectivity solutions, which may include distributed sales for passive components such as electronic connectors, electronic wire and cable, cabinets and racks and patch panels, and active components, including hubs, bridges, routers, gateways and modems. DataWorld currently has 2 assembly plants in Long Island, New York as well as San Jose, California, with 80 employees. Many of DataWorld's clients include Fortune 500 Companies.
Existing clients of DataWorld include 3M Corp. (NYSE: MMM - news), Bank of America (NYSE:BAC - news), Bear Stearns (NYSE:BST - news), BMC Software (Nasdaq:BMCS - news), Chase Manhattan Bank (NYSE:CMB - news), Cisco Systems (Nasdaq:CSCO - news), Picturetel (Nasdaq:PCTL - news), RCN Corp. (Nasdaq:RCNC - news), U.S. Web (Nasdaq:USWB - news), Northrop Grumman (NYSE:NOC - news), and the New York Stock Exchange.
DataWorld Solutions competitors include Anixter (NYSE:AXE - news), Anicom (Nasdaq:ANIC - news), and Graybar.
This release contains forward-looking statements with the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although the Company believes that the expectations reflected in the forward-looking statements and assumptions, upon which forward-looking statements are based, are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct.
DataWorld's Internet Properties are located at: dataworlddirect.com Contact: Investor Relations: 1-888-369-9976
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Contact:
DataWorld Solutions, Inc.
Investor Relations: 888/369-9976
dataworlddirect.com
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