ICC Closes on $2.05 Million Private Placement
Friday May 2, 3:46 pm ET
NEW YORK, May 2 /PRNewswire/ -- Internet Commerce Corporation (ICC) (Nasdaq: ICCA - News), a leader in the e-commerce business-to-business communication services market, today announced today announced that it has completed a private placement for an aggregate of $2,050,000. ICC issued 1,730,759 shares of Class A Common Stock, 250 Shares of Series D Preferred Stock, which are convertible into 192,307 shares of Class A Common Stock at $1.30 per share, and five year warrants exercisable for 1,538,445 shares of Class A Common Stock at $1.47 per share. Officers and Directors of ICC participated in the private placement to the extent of $445,000 or 21.7%.
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ICC reconfirms its previously stated guidance that it expects to achieve cash flow breakeven from operations in its fourth fiscal quarter ending July 31, 2003. Nevertheless, the Board of Directors determined it was in the best interests of ICC and its stockholders to take advantage of the opportunity to raise additional equity capital in order to strengthen ICC's balance sheet and accelerate marketing efforts for ICC's VAN services. The proceeds of the private placement will be used for general corporate purposes, including increased marketing and sales initiatives.
About Internet Commerce Corporation
Internet Commerce Corporation (Nasdaq: ICCA - News) is a leader in the e-commerce business-to-business communication services market. ICC.NET, the company's global Internet-based value added network, provides complete supply chain connectivity solutions for EDI/EC while also offering users a sophisticated vehicle to securely transact files of any format and size. ICC offers a broad range of consulting services including, XML technologies, data transformation, custom application development, an EDI service bureau, as well as comprehensive e-commerce education. ICC uniquely bridges the legacy investments of yesterday to today's Internet technologies. For further information, visit us at www.icc.net.
Except for the historical information contained herein, this press release includes forward looking statements which are subject to a number of risks and uncertainties, including the risks and uncertainties associated with rapidly changing technologies such as the IInternet, the risks of technology development and the risks of competition. Actual results could differ materially. For more information about these risks and uncertainties, see the SEC filings of Internet Commerce Corporation. |
