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Technology Stocks : Safeguard Scientifics SFE -- Ignore unavailable to you. Want to Upgrade?

To: still learning who wrote (2885)	5/19/1999 4:23:00 PM
From: prolific	Respond to of 4467

U.S. Interactive Inc. files for $65 mln IPO WASHINGTON, May 19 (Reuters) - U.S. Interactive Inc., an Internet strategy consulting, marketing and technology company, said Wednesday it plans to raise $65 million through an initial public offering of common stock. The company, based in King of Prussia, Pa., did not disclose the number of shares in the offering or provide an estimated price range for them in its preliminary filing with the Securities and Exchange Commission. The company has applied to have the shares traded on Nasdaq under the symbol <USIT.O>, and the underwriters are BT Alex. Brown, Lehman Brothers and Adams, Harkness & Hill. Net proceeds will be used for capital investments, debt repayment, funding of potential acquisitions and general corporate purposes. The company will not receive any proceeds from the undisclosed number of shares that are being sold by two shareholders, former chief operating officer Richard Masterson and former chief executive officer Larry Smith, the filing said. Major shareholders in U.S. Interactive include Chairman Eric Pulier, who holds 25.5 percent, or 3,698,171 common shares, and Safeguard Scientifics Inc. <SFE.N>, the Wayne, Pa., technology venture capital company that holds a 16.3 percent stake, or 2,339,628 shares, the filing said.