My partner and i bought options $100,000 in early 1997 at .45,in INTAF
brokers said we were crazy take a look at a news release
this week.
FULL TEXT-Intasys <INTA.O> arranges equity finance
MAY 4, 1999
Intasys Arranges $10.2 Million In Equity Financing
TORONTO, ONTARIO--Stephen J. Roth, Chairman and Chief Executive Officer of Intasys Corporation (the "Company") (Nasdaq: INTA), announced that the Company has completed negotiations for an equity financing in the aggregate amount of $10,200,000. All figures are in U.S. dollars.
An agreement has been concluded whereby several investors will purchase a total of 1.000,000 units at $4.75 per unit, for $4,750,000. Each unit will consist of one share of common stock plus one non-transferable warrant that will entitle the holder to purchase one additional share of common stock at $5.45 per share until May 4, 2000, or at $5.75 per share until May 4, 2001. The closing price of Intasys stock, as listed on Nasdaq, was $5.44 on May 3, 1999.
Upon the full exercise of these warrants in the first year, an additional sum of $5,450,000 would accrue to the Company's treasury. The private placement is scheduled to close on or before June 10, 1999. A commission of 12 percent will be paid by the issuance of 120,000 units.
Taking into account the recent exercise of warrants outstanding to purchase common shares at various prices for proceeds of $900,000, the Company now has cash or cash equivalents in its treasury of approximately $8,400,000. Further, upon the closing of today's financing, the Company will have in excess of $13,000,000 in its treasury. Of these funds: (1) $8,000,000 will be utilized solely to finance further development, expansion and working capital requirements of the Company's core subscriber management and billing solutions business world-wide; and (2) $5,000,000 will be dedicated to the Company's recently announced e-commerce subsidiary, Intasys e-Comm Solutions, Inc., in
addition to related Internet investments in North America.
About Intasys
Intasys Corporation, offices in Toronto, Atlanta, Ottawa, London, Edinburgh, Sydney and Kiev, is an emerging global force in the subscriber management industry. The Company provides convergent customer care and billing solutions on a bureau and license basis to clients in the wireless and wireline telephony, cable TV, Internet, and energy industries. Its state-of-the-art, Year 2000 compliant systems provide complete, convergent subscriber management and billing functionality with full Internet integration. Further information on the company, its products and services is available at this address: 2475 Skymark Ave., Suite 4, Mississauga, Ontario, Canada, L4W 4Y6, or on the internet at www.intasys.com.
Statements contained in this press release which are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties that can cause actual results to differ
materially from estimated results. Such risks and uncertainties are
detailed in the Company's filings with the Securities and Exchange Commission. Any and all statements made regarding Year 2000 are hereby designated by Intasys as "Year 2000 Readiness Disclosure" pursuant to the Year 2000 Information and Readiness Disclosure Act.
FOR FURTHER INFORMATION PLEASE CONTACT:
Intasys Corporation Philip Davis President (404) 888-9270 or Intasys Corporation Stephen J. Roth Chairman (905) 206-1255
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