$1.4 million financing closed on March 8...
eRoomSystem Technologies, Inc. Receives $1,416,000 in
Private Placement of Securities
LAS VEGAS, Mar 8, 2002 (BUSINESS WIRE) -- eRoomSystem Technologies, Inc.
(Nasdaq:ERMS), a leading supplier of in-room technologies for the lodging industry,
today announced the completion of a fully subscribed private placement of common
stock resulting in gross proceeds of $1,416,000.
Each member of the board of directors of eRoomSystem participated in the private
placement and collectively invested the sum of $380,000.
eRoomSystem intends to use the proceeds to fund the manufacture of equipment to be
placed on a revenue share and sale basis and for general working capital purposes.
About eRoomSystem Technologies, Inc.
eRoomSystem Technologies, Inc. is a full service in-room provider for the lodging and
travel industry. Its intelligent in-room computer platform and communications network
supports eRoomSystem's line of fully-automated and interactive refreshment centers,
room safes and other proposed applications. Such applications include, or will include,
in-room energy management systems, information management services, credit
card/smart card capability for direct billing, network access solutions, remote
engineering and maintenance services, and in-room cash advance. eRoomSystem's
products are installed in major hotel chains both domestically and internationally.
eRoomSystem is a publicly traded company listed on the NASDAQ SmallCap Market.
You can visit eRoomSystem Technologies, Inc. on the worldwide web at
www.eroomsystem.com.
Certain statements in this press release with respect to future expectations and plans
may be regarded as "forward looking statements" within the meaning of Section 27A of
Securities Act of 1933, Section 21E of Securities Exchange Act of 1934, and as that
term is defined in the Private Securities Litigation Reform Act of 1995. Such statements,
including, but not limited to, statements with respect to future earnings, and all other
forward-looking statements involve risks and uncertainties and are subject to change at
any time.
CONTACT: eRoomSystem Technologies, Inc.
Gregory L. Hrncir, 435/688-3603
Fax: 435/628-8611
gc@eroomsystem.com
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"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in
this press release regarding eRoom System Technologies, Inc.'s business which are not historical
facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such
risks and uncertainties, which could cause actual results to differ from those contained in the
forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for
the most recently ended fiscal year.
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