Augment Systems, Inc. today announced the execution of a Stock Purchase Agreement with Right2Web.Com.Business Editors NORTH ANDOVER, MA--(BUSINESS WIRE)--March 17, 2000 Augment Systems, Inc., (the "Company"), (Bulletin Board OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). , AUGS AUGS American Urogynecologic Society ), today announced the execution of a Stock Purchase Agreement with Right2Web.Com. Under the terms of the agreement, the Company will sell to Right2Web, Series A Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". of the Company subject to various conditions of closing, including conversion of all outstanding warrants, options and convertible notes into equity, of which there can be no assurance. Upon conversion of the Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , Right2Web.Com will own 92% of the Company on a fully diluted basis. After dilution, current stockholders would receive 3% of the Company's common stock and the convertible noteholders would receive 5%. Right2Web.Com, a start-up company was formed to provide business procurement and productivity solutions via the Internet. Right2Web.Com is headquartered in Florida and will provide an office destination portal for businesses where they can source products and services, provide employees with learning and productivity tools and develop a web site with e-commerce capabilities. Right2Web's founder and Chief Executive Officer is Jeffery Leventhal, who owned and managed information technology consulting Information technology consulting (IT consulting or business and technology services) is a field that focuses on advising businesses on how best to use information technology to meet their business objectives. businesses, the most recent being Remote Lojix which was purchased by a public company. Augment Systems, Inc. was involved in the development, manufacture and sales of Storage Area Networks (SANs) into the printing and publishing marketplace. In January 1999, the Company laid off all of its employees and began a search for companies interested in a merger or acquisition of the Company. BlueStone bluestone, common name for the blue, crystalline heptahydrate of cupric sulfate called chalcanthite, a minor ore of copper. It also refers to a fine-grained, light to dark colored blue-gray sandstone. Capital Partners, L.P. is not responsible for any recommendation, solicitation, offer or agreement or any information about any transaction, customer account or account activity contained in this communication. |
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