To: Judgement Proof.com who wrote (33137 ) 6/13/2000 3:35:00 PM From: Judgement Proof.com Read Replies (1) | Respond to of 33268
NEWS- Data Race Feeds Hedge Funds Discounted Stock!IPaxess Closes $6M Equity Placement SAN ANTONIO, June 13 /PRNewswire/ -- IPaxess, formerly DATA RACE, Inc. (Nasdaq: RACE - news), today announced that it has closed a $6 million private equity placement. In this closing, six investors including three investors from the Company's June 1999 and December 1999 private placements, have purchased approximately 1,572,738 shares of common stock and warrants to purchase approximately 471,822 additional shares. Said Jim Scogin, senior vice president and chief financial officer of IPaxess, ``We are pleased to receive this additional funding, especially from investors who have participated in previous rounds of financing. This funding will assist in the launching of the company's new VocalWare(TM) IP integrated access media server and future Voice over IP products.'' ``IPaxess' new VocalWare IP integrated server and upcoming products, along with the new management team have lead us to this additional financing,'' said Mitchell P. Kopin, President of the General Partner of Cranshire Capital, L.P. and lead investor. ABOUT IPAXESS DATA RACE, Inc. is currently doing business as IPaxess pending shareholder approval to change the corporate name to IPaxess, Inc. Based in Dallas and San Antonio, Texas, IPaxess (www.ipaxess.com) provides integrated IP based remote work solutions over multiple access media. The company's VocalWare IP client/server product line provides users in remote locations with simultaneous access to critical corporate resources including phone, fax, Internet, and E-mail over a single connection via: DSL, cable modem, LAN, or high speed dial-up through VPN, local ISP POP, or PSTN.