Nightmare on Elm Street #17, Freddie Returns!: "ANTs Software Announces $1.5 Million Raised in Latest Round
2001-07-20 12:38 (New York)
Business & Technology Editors
BURLINGAME, Calif.--(BUSINESS WIRE)--July 20, 2001--
Software Developer Accelerates Marketing Activity,
Hires New Exec VP of Finance & Operations and Files Two Patents
ANTs software inc. (OTCBB:ANTS), a developer of advanced
technologies to accelerate online transaction processing (OLTP),
announced today that it raised $1.5 million in private placement
financing during the second quarter.
The fresh infusion of cash will allow the company to ramp up its
marketing and technical capabilities.
"The new financing is a real vote of confidence from investors,"
said Frank Ruotolo, who was hired as ANTs CEO in January of this year.
"We are pleased that both new and existing shareholders participated
in this round, which will help us accelerate our development efforts."
Ruotolo noted that the company's marketing effort has yielded
active, substantive beta test and partner discussions with 15
companies, including some with Fortune 500 status. Five of the 15
companies have asked ANTs to sign non-disclosure agreements, and are
sharing proprietary information with the company to determine more
accurately if and how ANTs' software can meet their needs.
"Our progress in the business development area is encouraging, and
our technology proposition has been well received," said George
Arabian, ANTs Executive Vice President Marketing and Business
Development. "We look forward to the next step, a beta test."
The company announced that Ken Ruotolo, who provided strategic and
financial consulting services to the company from January through May
of 2001, has joined ANTs as Executive Vice President of Finance &
Operations. "Ken is a great addition to the ANTs team," said CEO Frank
Ruotolo. "Ken's experience in building financial and operational
infrastructure in fast-growing, high-tech companies will be valuable
as ANTs moves forward." Prior to consulting for ANTs, Ken Ruotolo was
a founder and Vice President of Operations for eStar, Inc., which
developed and syndicated celebrity-focused content. Prior to that, he
was a partner for twelve years in era2, an interactive design and
Internet consulting agency.
Finally, the company announced that two patents were filed during
the second quarter, bringing to nine the total of ANTs software
patents that have been filed, pending, and granted. The company
expects to file two additional patents in the current quarter.
For more information on ANTs software, please visit
www.antssoftware.com.
This press release contains certain forward-looking statements as
that phrase is defined in the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements are subject to a number of
risks and uncertainties that could cause actual results to differ
materially from those projected. Such risks include but are not
limited to the following: there can be no assurance that ANTs software
will produce the expected results or that it will result in a
commercially viable product; that the Company will secure the
necessary current and additional financing, intellectual property and
staff to support current and future operations. Further risks are
detailed in the Company's filings with the Securities and Exchange
Commission, including the Company's most recent form 10-KSB for the
fiscal year ended December 31, 2000.
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