To: Hal Campbell who wrote (12804 ) 12/4/1999 12:38:00 AM From: Carol M. Morse Read Replies (1) | Respond to of 17679
I don't think this was posted about UPGD yet: SEATTLE--(BUSINESS WIRE)--Nov. 8, 1999--Upgrade International Corp. (OTCBB:UPGD) is pleased to announce that is has completed a private placement of Common Stock at $2.50 per share pursuant to Regulation S to investors outside the United States who are not "U.S. Persons." The placement resulted in a total of 800,000 shares being issued to a total of 3 investors. Gross proceeds were $2,000,000. $1,500,000 was invested by EMPRISE Management Consulting AG of Hamburg, Germany. EMPRISE is a software development company with revenues of 50 million (DM) and over 200 employees. EMPRISE is a publicly traded company whose shares have been listed on the Neuer Markt (New Market) of the Frankfurt Stock Exchange since July 16, 1999. Mr. Gerd Nicklisch, EMPRISE group's speaker of the board of directors is quoted as saying: "With this strategic cooperation we strengthen our position as an Internet systems integrator. We plan to use UltraCard also for security solutions and secure payment on the Internet, as well as for other new purposes." Additionally, the Company has completed a $1,000,000 convertible debenture, convertible at $2.50 per share with the Gross Foundation. "Upgrade is pleased that it has been able to attract value added investors like EMPRISE and the Gross Foundation. Both Companies will provide strategic insight in the commercialization of Upgrade's affiliated Companies, UltraCard Inc., Efornet Inc., and Centurion Technologies Inc.," stated Daniel Bland, President of Upgrade International Corp. Upgrade has applied the proceeds to working capital. Upgrade International Corp., through it ownership interest in UltraCard Inc., is engaged in the development and commercialization of a patented, revolutionary data storage technology. UltraCard applies conventional hard drive storage technology onto the surface of the standard magnetic stripe card and the integrated circuit chip card (smart card). This will provide numerous potential industrial users with a combination of high level security and up to 5 million (5MB) of data storage at the lowest cost in the industry. By comparison existing magnetic stripe and smart card technologies have 256 bytes and 16k of storage capacity respectively. On Behalf of the Board of Directors, Daniel Bland, President This News Release may contain forward-looking statements relating to future results, performance, plans, events or other matters. Such statements involve numerous risks and uncertainties, including, but not limited to, risks and uncertainties pertaining to development of the Company's products and services and markets for such products and services, the timing and level of customer orders, competitive products and services and pricing, changes in economic conditions and the markets for the Company's products and services and other risks and uncertainties. Actual results, performance and events may differ materially. Readers are cautioned not to place undo reliance on these forward-looking statements which speak only as of the date of this News Releases. The Company undertakes no obligation to release revisions to these forward-looking statements to reflect events or circumstances after the date of this News Release. CONTACT: Upgrade International Corp. Daniel Bland, 206/903-3116 Fax: 206/903-3117 ir@upgd.com