7th Level Shareholders Approve Measures to Improve Financial Flexibility July 9, 1998 06:11 PM
DALLAS--(BUSINESS WIRE)--July 9, 1998--7th Level, Inc. SEVL shareholders at the Company's annual meeting today voted to increase common share authorization to 100 million from 20 million and to authorize the Board of Directors to designate preferred stock with voting rights other than one vote per share. Both measures had been recommended by the Board to increase the Company's financial flexibility as it develops its new technology and software business for the Internet, narrow and broadband networks, and standalone PCs.
As a result of today's action, long-term debt holders will convert $4.5 million of debt into 4,500 shares of preferred stock. The conversion effectively completes a previously funded $10 million private placement to finance the rollout of the Company's standard-setting media preparation products. Shareholders also reelected four current board members - Donald Schupak, Robert Ezrin, Merv Adelson and James Cannavino - and one new board member - Richard Merrick. Schupak is Chairman of the Board and Director. Ezrin is Vice Chairman of the Board and co-founder. Adelson is a director of Time Warner, Inc. TWX . Cannavino is Chairman and CEO of CyberSafe Corporation. Merrick was recently named CEO of 7th Level (www.7thlevel.com)
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