Business Wire, November 11, 1998
HEADLINE: 1st Net Technologies Inc. Announces Preferred Unit Offering and
Management Additions
The company recently filed a 15c-211 application with the NASD for quotation
for sale of its common shares on the OTC Bulletin Board. The company has
received its trading symbol, "FNTT," and the NASD has approved its application
to trade. Both the preferred unit offering and these management changes are
material developments which affect the rights and privileges of those investors
who may elect to purchase common shares over the OTC Bulletin Board.
The preferred unit offering is being sold privately by the company's
management and is not available to the general public. Specifically, the company
is now offering to sell, on a "best efforts" basis, up to 200,000 units, each
unit consisting of two shares of voting, participating, cumulative and
convertible Series "A" Preferred Stock and one warrant to purchase one share of
Common Stock at $ 5.00 per share.
Each warrant is exercisable immediately and expires upon the one-year
anniversary date of the closing of a firmly-underwritten public offering of
Common Stock with total equity of the company at the closing of $ 5 million or
higher (the Public Offering). Holders of the preferred units are entitled to
receive mandatory, cumulative annual dividends of $ .30 per share of Series "A"
Preferred Stock.
John G's comments:
It's interesting to learn that there are in-the-money warrants that can be exercised immediately.
NB. the above appears to be the beginning of the newswire, but not the entire story. I was unable to recover the entire news release using Lexis Nexis, and the release is not in the quote.com database at all. Nexis lets me look at about 25 lines at a time, and it just wasn't very friendly to me today when I tried to page through this story. At the bottom of this post is the remaining fragment that I recovered. It isn't clear to me what text is missing in between the two parts, or who the following thing about Entrepreneur Investments might refer to.
... for Entrepreneur Investments, LLC, a Colorado private investment banking
firm, since 1997.
The company's board also appointed Jeffrey Chatfield as vice president,
Investor Relations. Chatfield is formerly a licensed stockbroker. |
