Warp 9 Announces Early Termination of Convertible Debenture, Eliminates Associated Dilution Risk
SANTA BARBARA, Calif., June 12, 2008 /PRNewswire-FirstCall via COMTEX/ -- Warp 9, Inc. (OTC Bulletin Board: WNYN), the premier provider of robust e-commerce platforms and services, today announces that it has prepaid in full the convertible debenture issued by previous management to Cornell Capital Partners LP (now YA Global Investments). This will immediately cease the harmful dilution to the Company's capital structure previously associated with the periodic conversions of the debenture.
Management has been working to reduce the Company's debt burden and this convertible debenture has been a significant focus. The prepayment is the final major step in the Company's debt reduction plan. The Company can now focus its efforts on growing its revenue and profitability. The company is optimistic that the stock price will now come to reflect a much more accurate valuation.
Warp 9 powers some of the most successful e-commerce websites for retailers such as magellans.com, and Spiegel Brands' carabella.com, and ablambdin.com.
About Warp 9
Warp 9, Inc. (http://www.warp9inc.com) is the premier provider of enterprise-class e-commerce platforms and services to mid-sized businesses in the catalog and retail industry. With a proven track record and years of experience in the industry, Warp 9's comprehensive and scalable suite of software platforms and technologies for online catalogs, e-mail marketing, and interactive visual merchandising help businesses leverage the Internet to increase sales. Offered on a fully managed Software-as-a-Service model, Warp 9 products deliver unique benefits to its customers by reducing total cost of ownership, lowering upfront cost, providing faster time to market and being a one-stop-shop for all things e-commerce. Known for its outstanding customer service, Warp 9 powers some of the most successful e-commerce sites for companies like Magellan's and Spiegel.
SOURCE Warp 9, Inc.
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warp9inc.com
magellans.com
carabella.com
ablambdin.com
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