CLEARWATER, Fla., Nov. 17 /PRNewswire/ -- Lasergate Systems, Inc. (LSi)
(Nasdaq: LSGT - news) today announced that it has sold 7,500 shares of
Series G Preferred Stock to RBB Bank AG, on behalf of certain accounts
maintained by it, for $7.5 million. Each share is convertible into 4,354
shares of common stock. Pursuant to the transaction, the company will
redeem 7,945 shares of its Series F Preferred Stock owned of record by
RBB, on behalf of certain accounts maintained by it, for $6.0 million.
The company plans to use the net proceeds of the sale for the ongoing
development and marketing of Admits for Windows, its new, Windows
NT-based, general admission ticketing, access control and revenue
management system, as well as for general corporate purposes.
The Company
LSi designs, develops, markets, sells and services software and systems
for admission control and revenue accounting at general admission and
reserved seating facilities worldwide, including amusement parks, theme
parks, museums, ski resorts, sports arenas and multi-purpose arenas. The
company's clients include American Skiing Company, Art Gallery of
Ontario, the Boston Red Sox baseball club, Carnegie Hall, Sun Valley
Resort, and World of Coke.
Except for the historical information contained herein, the matters
discussed in this news release are forward-looking statements that
involve risks and uncertainties, such as those relating to the timely
availability and acceptance of existing and new products; the impact of
competitive product introductions, acceptance and pricing; the placement
of orders and execution of shipments per sales agreements with
customers, as well as their continued satisfaction with LSi products and
services; and those risks detailed in LSi's filings with the Securities
and Exchange Commission (SEC). Actual results may differ materially from
any forward-looking statements, due to these risks and uncertainties.
Windows is a registered trademark of Microsoft Corporation. Admits is a
service ma |
