WINFIELD CAPITAL CORP. ANNOUNCES NEW INVESTMENT IN A PUBLICLY-TR
Business Wire
Apr 9 1999 10:19AM ET
aded Company
Business Editors
WHITE PLAINS, N.Y.--(BUSINESS WIRE)--April 9, 1999--Winfield Capital Corp. (WCAP-Nasdaq) announced today, April 9, 1999 that it participated in a privately placed investment in the common stock and warrants of Modacad, Inc. of Culver City, California (Modacad or the "Company") (NASDAQ NMS: MODA).
Modacad is an enabler of e-commerce for manufacturers and consumers. The Company is a recognized leader in 3D rendering and digital content management. It recently launched a new apparel e-commerce site at www.styleclick.com featuring fashion, fitness and beauty products that allows users to comparison shop among leading brands. Modacad plans to use the proceeds of this financing to develop the market for styleclick.com and to enhance it web-based merchandising products.
Winfield Capital has purchased 47,000 shares of common stock of Modacad at a purchase price of $10.98375 and warrants totaling 55,616 (of which 39,166 are exercisable at $13.18 and 16,450 are exercisable at $13.72). Winfield Capital's investment was part of a private placement in which Modacad raised gross proceeds of $8.5 million. The securities held by Winfield Capital will be subject to restrictions on transferability.
Winfield Capital is a small business investment company which makes loans and equity investments pursuant to funding programs sponsored by the SBA and is a non-diversified, closed-end investment company that is a business development company under the Investment Company Act of 1940. Winfield Capital's common stock is traded on the Nasdaq SmallCap Market and the Boston Stock Exchange under the symbols "WCAP" and "WNF," respectively.
This press release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934), and is subject to the safe harbor created by those sections. Winfield Capital assumes no obligation to update the information contained in this release.
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