4Front Technologies, Inc. Announces 3.4 Million Share Common Stock Offering At $11.00.LONDON--(BUSINESS WIRE)--July 2, 1998--4Front Technologies, Inc. ("4Front") (Nasdaq NM: FFTI FFTI Federazione Field Target Italia (Italian)
FFTI Feel Free to Ignore ) today announced that it has priced a public offering of 3,425,000 shares of common stock, of which 469,708 are being sold by certain selling shareholders, at a price of $11.00 per share. Net proceeds Net Proceeds
The amount received after all costs are deducted from the sale of a piece of property or security.
In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to the company of the sale will be approximately $29.8 million and will be used to repay outstanding indebtedness and for general corporate purposes, including strategic acquisitions.
Hambrecht & Quist acted as lead underwriter Lead underwriter
The head of a syndicate of financial firms that are sponsoring an initial public offering of securities or a secondary offering of securities. Could also apply to bond issues. for the offering, with FAC/Equities, Wheat First Union, and Kaufman Brothers., L.P. as co-underwriters for the NASDAQ. Hambrecht & Quist Euromarkets and Panmure Gordon & Co. Limited acted as co-managers and market makers on EASDAQ See European Association of Securities Dealers Automated Quotation. .
4Front Technologies, Inc., is a leading provider of information technology solutions, which consist of specialized computer services and complimentary products, primarily to blue chip corporations in the United Kingdom and, to a growing extent, Continental Europe. 4Front's services include hardware maintenance, help desk support, network services, specialized software services and products and the supply of high-end storage systems. Customers of 4Front include British Petroleum, British Telecom, Computer Sciences Corp., Dupont, IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , Reuters, Pfizer, NatWest Capital Markets, JP Morgan and the UK Ministry of Defense. Additional information on 4Front can be found on the Company's website at www.4fti.com.
Certain matters discussed within this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Although 4Front Technologies, Inc. believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include financial performance, changes in local or national economic conditions, and other risks detailed from time to time in the Company's SEC reports filed with the SEC, including quarterly reports on Form 10-Q Form 10-Q
See 10-Q. , reports of Form 8-K Form 8-K
The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock.
See 8-K. , and annual reports on Form 10-K.
CONTACT: Investor Relations Contact:
Gregory Pettit/Jennifer Hendrickson
Tel: 212/591-9772 / 9820
Matthew Hooper (U.K. Investor Relations)
Mark Ellis or Ken Newell
4Front Technologies, Inc.