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Technology Stocks : Infocast (IFCC)
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To: leigh aulper who started this subject2/14/2001 12:49:59 PM
From: leigh aulper   of 94
 
ch 11 avoided

InfoCast Raises $4.8 Million Through Common Share Equity Financing


CHICAGO, Feb. 14 /PRNewswire/ -- InfoCast Corporation (OTC Bulletin Board: IFCC) a Vertical Service Provider for the call center industry, announced today that it has received cash and commitments for $4.8 million in equity financing from Canadian and European-based investors.

Jim Leech, President and CEO of InfoCast said, "This is the first of a series of financing rounds that we have planned to strengthen our balance sheet and provide additional operational liquidity. The funds received in this round will be applied to the deployment of our call center solution. We also intend to redeem the $1.25 million owing under the 7% subordinated convertible debenture issued to CALP II in late 2000."

Based on the funds and commitments received to date, InfoCast will issue 9.6 million common shares and 3-year warrants to acquire 4.8 million common shares at a price of $0.75 per share. InfoCast may accept additional subscriptions for this financing over the next week.

"This is a challenging environment for raising money and investors are being extremely selective with the investments they make," notes Jim Leech. "We are encouraged that these investors see the tremendous opportunity in our company. The fact that they have participated in this financing round is validation of our business plan."
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