Check this for a ceo that puts his money where his mouth is..
Toronto, Ontario, Jul 24, 2001 (Market News Publishing via COMTEX) -- Infowave
Software, Inc., a global provider of software that connects enterprise
applications to wireless devices, announced that it has entered into an
agreement with Thomas Koll, Chief Executive Officer of the Company, for a credit
facility in the amount of $5 million. Koll has also agreed that he will
subscribe for a $1 million lead order in the next equity financing, which
Infowave intends to complete in the next six months. All amounts are in US
dollars unless otherwise stated.
"For me, there is no question that Infowave has the vision, technology,
partnerships and management team to be one of the top three global providers of
wireless data software solutions," said Infowave CEO Thomas Koll. "This personal
financial commitment strengthens Infowave's financial position and provides us
with an opportunity to consider additional funding alternatives with terms that
are fair to our shareholders."
"Thomas' financial commitment clearly underscores his personal dedication to
Infowave's success. His agreement to provide a lead order of $1 million in the
next equity financing is further evidence of his strong belief in Infowave,"
said Morgan Sturdy, Infowave chairman. "The board is extremely grateful for his
leadership and commitment to employees, customers, partners and shareholders."
Infowave may draw down the credit facility at its discretion and the principal
outstanding under the loan shall bear interest at a rate of 8% per annum,
payable at maturity. The loan shall become due and payable on demand any time
after the earlier of: (a) January 23, 2002; or (b) immediately in the event that
shareholder approval is not obtained. The loan shall be secured by a first
charge on all of the assets of Infowave.
As consideration for providing the credit facility, Infowave has agreed to grant
Koll warrants to purchase up to 3,510,455 common shares at a price of Cdn$1.10,
exercisable for three years. The warrants shall not be exercisable until
shareholder approval is obtained. The warrants and the commitment to provide a
$1 million lead order shall both be cancelled in the event shareholder approval
is not obtained.
The credit facility and the issuance of the warrants are subject to receipt of
all applicable regulatory approvals.
About Infowave
Infowave (TSE: IW) builds wireless business solutions that connect mobile
workers to the critical information they need to be more productive and more |
