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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium -- Ignore unavailable to you. Want to Upgrade?

To: swisstrader who wrote (90554)	3/30/2000 11:02:00 AM
From: vagabond	Read Replies (1) \| Respond to of 108040

SOCT news... ================= Thursday March 30, 10:37 am Eastern Time Socrates Finalizes First Round of Financing VIENNA, Va., March 30 /PRNewswire/ -- Socrates Technologies Corporation (Nasdaq: SOCT - news), an ASP provider to the small and medium sized enterprise, announced today that it has finalized the first round of strategic financing receiving $4.5 million from a group of private European institutional investors. ``This first round of financing in conjunction with the acquisition of OA/Systems and the strategic partnership with SalesLogix, positions us to begin delivery of ASP solutions to the small and medium sized enterprise,' stated Mr. Timothy Keenan, President of Socrates Technologies. On March 20, 2000, the Company sold a series of debentures, convertible under certain circumstances into shares of common stock of the Company, for an aggregate price of $4.5 million. The debentures bear interest at the rate of 4% which, at the option of the holder, may be paid in shares of common stock. The debentures are convertible into common stock at the lower of $3.38 or the lowest closing price of the Company's common stock during the 30 trading days immediately preceding conversion. Each debenture has attached to it a warrant granting the holder the right to purchase .5 shares at $6.77 per share and .1 shares at $12.00 per share. Socrates, through a wholly owned subsidiary, Socrates Solutions Corp. (SSC), plans to deliver Web-based ASP solutions including ERP, CRM, SFA and e-commerce solutions. SSC will also continue to expand its offerings through acquisition and strategic alliances bringing in additional applications. Socrates will be holding its annual shareholder meeting at the Sheraton Premiere Hotel in Tysons Corner, Virginia, on April 21, 2000 at 11:00 a.m., local time. Socrates Technologies Corporation is a holding company for Socrates Solution Corp., an ASP of high-speed Internet access, server hosting, Website design, e-commerce, ERP applications and customized software solutions to the SME market; Technet Computer Services, Inc., a developer of supply chain management and e-commerce software solutions; and Networkland, Inc., a value added reseller to small and medium size enterprises.