Albemarle First Bank Successful in Raising $1.4 Million in Capital, Warrant Exercise Discount Extended.Business Editors CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--May 5, 2003 Albemarle First Bank (Nasdaq:AFBK)(Nasdaq:AFBKW) announced today that it has been successful in raising over $ 1.4 million in additional capital from the period beginning April 4th through May 2, 2003. This was accomplished by the reduction of its warrant exercise price from $10.50 to $7.00 per share during this 30-day period. Holders of 201,490 warrants chose to exercise at the $7.00 price. Before the discount period, the Bank had 578,285 outstanding warrants. Each holder of warrants is entitled to purchase one share of the Bank's common stock at the exercise price. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Thomas M. Boyd, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , "The additional capital of $1.4 million within 30 days is very gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. to both me and our Board of Directors. It is a strong vote of confidence by our shareholders, and a belief that our bank has an excellent opportunity. We are very pleased and encouraged." Boyd further commented "Due to the success and the limited time frame, we believe that there are other investors who may not have had an opportunity to exercise, and would like to do so. Therefore, the Board has agreed to extend the discount period through June 2, 2003 at an exercise price of $7.00. The exercise price per warrant will return to $10.50, thereafter. According to Boyd, "This additional capital will provide for the future growth of the Bank." To exercise all or some of the Bank's warrants, the warrant holder will need to either contact a stock broker or send the warrant certificate along with payment of the warrant exercise price, to our stock transfer agent, Registrar and Transfer Company, Attn: Reorg Reorg (or Corporate Action or Reorganization) Any transaction involving the issuance of stock or cash, or the cancellation of stock tendered by a shareholder, such as in the case of a merger, acquisition or tender offer. . Dept., 10 Commerce Drive, Cranford, New Jersey Cranford is a township in Union County, New Jersey, United States. As of the United States 2000 Census, the township population was 22,578. Cranford Township folds from the banks of the meandering Rahway pond and has been dubbed the "Venice of New Jersey". 07016-3572. You must fill out the Election to Exercise on the back of the warrant certificate. Payment of the warrant exercise price may be made by certified check A written order made by a depositor to a bank to pay a certain sum to the person designated—the payee—which is marked by the bank as "accepted" or "certified," thereby unconditionally promising that the bank will pay the order upon its or cashier's check cashier's check n. a check issued by a bank on its own account for the amount paid to the bank by the purchaser with a named payee, and stating the name of the party purchasing the check (the remitter). . Checks should be payable to Albemarle First Bank. For further information, please contact Nicole McCready at the Bank at 1-434-973-1664. Albemarle First Bank offers a full range of banking and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to individuals, professionals, and small medium-sized businesses in Charlottesville, Albemarle County, Greene County Greene County is the name of fourteen counties in the United States of America, each named in honor of American Revolutionary War general Nathanael Greene:
The press release contains "forward-looking statements" that concern future events which are subject to risks and uncertainties. Any such statements are based on certain assumptions and analyses by the Bank and other factors it believes are appropriate in the circumstances. The Bank's actual results, events and developments may differ materially from those contemplated by any forward-looking statement. Consequently, all forward-looking statements made in this press release are qualified by this cautionary language and the risk factors contained in our reports filed pursuant to the Securities Exchange Act of 1934. |
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