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(BSNS WIRE) WordCruncher Internet Technologies, Inc. Announces Capital I
WordCruncher Internet Technologies, Inc. Announces Capital Injection
Business Editors & Technology Writers
SALT LAKE CITY, Utah--(BUSINESS WIRE)--Feb. 11, 1999--
WordCruncher Internet Technologies, Inc. (OTC BB: WCTI), a leading
developer of search-engine technology, announced that it has closed
and funded the initial $6.1 million tranche under a total $15 million
private offering of WCTI's Series A Preferred Stock. Additional
funding of up to $3.9 million should be completed next week with the
final $5 million to be disbursed in approximately 180 days, subject to
meeting certain conditions.
"We're extremely pleased to have achieved this milestone in our
company's development," said Dan Lunt, President and CEO of WCTI.
"With this injection of capital, we are now in a position to continue
to develop our business and take it to the next level."
Lunt continued, "These monies will enable us to continue to
expand the important areas of product development and sales and
marketing. We are continuing to add the necessary quality people in
these areas and are preparing to more aggressively promote our
product. The next several months will be an exciting time for WCTI."
Headquartered in Salt Lake City, Utah, WordCruncher Internet
Technologies, Inc. (OTC BB: WCTI) provides search technology that
enables businesses to efficiently index their Web site for improved
customer queries and consumers to receive credible, relevant search
results. The model includes content, advanced technological features
and a specialized user interface, all of which combine to create an
exciting new Internet business. For more information about WCTI, visit
wordcruncher.com.
--30--DP/at*
CONTACT: WordCruncher
Kenneth W. Bell, 801-756-8833
or
Columbia Financial (Brokers and Analysts)
888/301-6271
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