Data Race (NASDAQ: RACE) NEWS! 2 voice/data/fax: ONE LINE! Message Board

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Technology Stocks : Data Race (NASDAQ: RACE) NEWS! 2 voice/data/fax: ONE LINE!

RACE 403.95

+2.0%

Oct 31 9:30 AM EST

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To: MJ who wrote (33228)	3/2/2001 12:29:45 PM
From: bucko	Read Replies (1) of 33268

Friday March 2, 12:15 pm Eastern Time Press Release IP AXESS Closes $2 Million Financing PLANO, Texas--(BUSINESS WIRE)--March 2, 2001--IP AXESS, (NASDAQ: RACE - news) announced today that it has closed a $2 million private equity placement. Three investors, including two investors from the company's previous private placements, have purchased approximately 3,047,620 shares of common stock as well as warrants to purchase approximately 304,762 additional shares. ``We are pleased to receive this additional funding, especially from investors who have participated in previous rounds of financing,'' said Jim Scogin, senior vice president and chief financial officer of IP AXESS. ``This funding is the first step in providing additional working capital to enhance our sales and marketing effort and fulfill near-term customer requirements. The company additionally is contemplating the closing of an equity line of credit, which management believes will reduce the dilutive impact of this financing on current shareholders,'' Scogin noted.

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