Somebody thinks MidiSoft is worth a million:
Midisoft Announces $1 Million Round of Financing
ISSAQUAH, Wash.--(BUSINESS WIRE)--July 24, 1998--Midisoft Corporation (OTC BB:MIDI), today announced that it signed a definitive agreement with a private party for a convertible debt financing of $1 million. An initial round of $500,000 is being paid in July; and the remaining $500,000 will be paid by December 31, 1998 at the investor's option. The funds will be used for working capital and to meet the Company's near-term needs.
"This financing represents the third component of the $4 million financing announced at the end of 1997," said Larry Foster, Midisoft's President and CEO. "It completes an extension given for the scheduled June round. We are pleased with the continuing investment and the group's commitment to Midisoft."
The first increment translates into 2,500,000 shares of Common Stock upon conversion. The note is a five-year Senior Convertible Secured Note bearing interest at 1% per year. The holder is also entitled to a five-year warrant for 500,000 shares of Common Stock at an exercise price of $.75 per share. The second increment of $500,000 will have a conversion price of 47% of the value of each share for the ten trading days prior to conversion. The investor will appoint a third member to the Board of Directors.
Midisoft Corporation is a premier developer of music and audio control software for the PC. Based in Issaquah, Washington, the Company develops award-winning consumer, business and OEM products that are sold at retail and licensed to hardware manufacturers. For further information on the Company, please visit the Midisoft web site at www.midisoft.com.
All statements in this press release other than statements of historical fact are forward-looking statements that involve substantial risks and uncertainties. Reference is made to Midisoft's Annual Report on Form 10-KSB for the year ended December 31, 1997 and to Midisoft's other reports filed with the Securities and Exchange Commission for a discussion of such risks and uncertainties and other factors that may have material effect on Midisoft's business.
CONTACT:
Midisoft Corp.
Gary M. Cully, Chief Financial Officer, 425/313-3440
garyc@midisoft.com
KEYWORD: WASHINGTON
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