Merry Christmas from PNCL? I guess they were hoping the small investors were off on Christmas vacations and wouldn't see the news.
I guess just in case they make money in 97, they will float some more stock, looks like we will get another opportunity to short it!
Have you tried to contact support? They just don't seem to exist anymore. Just another sign that the beginning of the end has BEGUN!
Pinnacle micro announces closing of $5 million offshore private
placement of Convertible Notes
Dec 24, 1996 2:13 PM [PRNewswire]
IRVINE, Calif., Dec. 24 /PRNewswire/ -- Pinnacle Micro, Inc. (Nasdaq: PNCL) today announces the
closing of an off-shore private placement of convertible notes of approximately $5 million, less fees and
expenses.
The Company will use the proceeds received from the private placement for working capital. The debt is
convertible into common stock of the Company in thirds, commencing 50, 80 and 110 days from closing. This
is the second of two private placements totalling $15 million the Company initially planned for l996. The first
placement, a sale of approximately $10 million, less fees and expenses, was completed in July.
A proposed $3 million increase in the amount of the second placement was postponed given the Company's
current stock price trading range and will be reconsidered in the first quarter of 1997.
"Apex is in full production and shipments are meeting expectations," said Ken Campbell, president. "This
offshore private placement marks the completion of another major milestone in Pinnacle's turnaround plan."
Pinnacle Micro, Inc. is a recognized leader in recordable CD technology and optical storage systems for
general data storage and data intensive applications such as network storage, imaging, desktop and prepress,
as well as emerging applications such as digital audio/video editing and commercial multimedia. Founded in
1987, Pinnacle Micro, Inc. is headquartered in Irvine, CA with offices in North America and Europe.
SOURCE Pinnacle Micro, Inc.
-0- 12/24/96 /CONTACT: Megan Morrow, Investor Relations of Pinnacle Micro, 714-789-3114 or
www.ir@pinnaclemicro.com/
(PNCL)
CO: Pinnacle Micro, Inc. ST: California IN: CPR SU: |
