Subj: Ancor Communications, Inc. Completes Preferred Stock Funding
From: AOL News
Ancor Communications, Inc. Completes Preferred Stock Funding
MINNEAPOLIS, Feb. 20 /PRNewswire/ -- Ancor Communications, Inc. (Nasdaq: ANCR) announced today the completion of an $11 million sale of privately placed Series C convertible preferred stock. The securities were placed exclusively with current holders of the company's Series B convertible preferred stock, which was offered in March 1997. The Series C securities may be converted into common stock as of specified dates and automatically convert into common stock by February 2001 at a defined conversion price formula. The Company intends to use proceeds from its offering to continue market and product development efforts, as well as general working capital purposes.
About Ancor Communications
Ancor Communications, Inc. provides GigWorks(TM) high-performance storage and data-intensive network solutions based on Fibre Channel technology. The Company was the first to deliver a Fibre Channel switch, and the first to top the one-gigabit performance level. In addition to Fibre Channel switches, Ancor products also include adapters and connectivity solutions. Ancor is a member of the Fibre Channel Association, Fibre Channel Loop Community, the ANSI Standards Committee and the University of New Hampshire Fibre Channel Consortium to promote the advancement of Fibre Channel standards and interoperability. Information about Ancor is available on the World Wide Web at ancor.com
For more information about Fibre Channel technology and Ancor Fibre Channel solutions, call 800-342-7379. Media, contact Mary Miller, Ancor, at 612-932-4071 or marym@ancor.com or Aaron Pearson, Shandwick, at 612-832-5000 or apearson@shandwick.com
Forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995 are qualified by the risk factors outlined in the documents Ancor Communications, Inc. files with the Securities and Exchange Commission.
SOURCE Ancor Communications, Inc.
CO: Ancor Communications, Inc.
ST: Minnesota
IN: CPR
SU:
02/20/98 15:38 EST prnewswire.com
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