How's this? :-)
RENO, Nev.--(BUSINESS WIRE)--Oct. 3, 1996--Telechips Corp.
(NASDAQ:TCHP common, TCHPW warrants) today announced the completion
of a $2.9 million private placement of 4,188 shares of 4 percent
convertible preferred shares at $1,000 per share.
The private placement lead investor, a major U.K. investment
firm, and the company have structured the price of the private
placement under Regulation S, whereby the conversion price of the
convertible preferred shares is determined using a formula
multiplying each preferred share by 1,000 and dividing the result by
the lower of either the fair market value at the time of conversion
or $3.00. The shares are convertible any time beginning Nov. 8, 1996
until Aug. 31, 1998. The company received a net amount of $2.9
million in the transaction, for which the consultant was J.P. Carey
Inc. of Atlanta.
C.A. Burns, chairman and chief executive officer of Telechips,
stated, "The infusion of new capital and the addition of two new
directors with high level industry experience at AT&T and Ameritech
provide the company with the resources and industry depth necessary
to implement the company plan to provide interactive computer
telephony solutions and information to a large segment of the
consumer and business market."
Telechips Corp. designs, develops and markets a line of
interactive computer telephony devices which allows users to
electronically access information via a touch-sensitive screen.
CONTACT: Telechips Corp., Reno
Nelson B. Caldwell (VP-Finance) 702/824-5555
or
Lobsenz-Stevens Inc., New York
Mark Perlgut/Nancy Campbell, 212/684-6300
KEYWORD: NEVADA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED TELECOMMUNICATIONS
INTERACTIVE/MULTIMEDIA/INTERACTIVE |
