Axtive Corporation Obtains $4 Million Acquisition Financing from Laurus Funds.DALLAS -- Axtive Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AXTC) announced today that it has obtained a $4.0 million convertible financing facility from Laurus Master Fund, Ltd. ("Laurus Funds"). The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the financing (after payment of fees and expenses) are held in a restricted cash account under the dominion and control of Laurus Funds and are intended to be used by Axtive to continue executing its plan of acquiring IT professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. and business application companies. Any release of the proceeds from the cash account is subject to approval by Laurus Funds. The financing is convertible into shares of Axtive common stock, subject to certain conditions. In connection with the financing, Axtive issued Laurus Funds a common stock purchase warrant to purchase up to 750,000 shares of Axtive common stock. Additional details about the financing can be found in Axtive's Quarterly Report on Form 10-QSB for the second quarter of 2004. "This transaction will allow Axtive to accelerate its acquisition strategy, not only by providing the capital, but also by creating a strategic financing partnership with Laurus Funds," stated Graham C. "Scooter scooter: see motorcycle. " Beachum III, President and COO of Axtive. "With Laurus Funds, we will become more aggressive in our acquisition plans and immediately be focusing on potential acquisition candidates to enhance and increase the capabilities of our existing professional services business." About Axtive Corporation Axtive acquires and operates technology products and service companies including IT professional services, business application software and managed hosting/application service providers targeting middle market companies. Axtive's products and services are focused on enhancing the capabilities of customers' business operating systems The Business Operating System, or BOS, is an early cross-platform operating system originally produced for Intel 8080 and Motorola 6800 computers, subsequently for Z80-based computers, and then later for most microcomputers of the 1980s. . Axtive's currently operates ThinkSpark, a professional services firm specializing in the installation and integration of technology solutions from Oracle Corporation and various industry standard software products; and ThinkSpark Web Services (1) Loosely, any online service delivered over the Web. Such usage appears in articles from non-technical sources, but not in IT-oriented publications, because definition #2 below describes the correct use of the term. and Solutions, an operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon providing comprehensive interactive design, custom application development, online marketing and managed hosting. More information about these Axtive businesses is available at www.axtive.com. Forward Looking Statements This release includes forward-looking statements, including statements concerning the growth of future revenues and earnings. These statements are made under the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions 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 and involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, including factors detailed in the Company's annual report on Form 10-KSB, quarterly reports on Forms 10-QSB and other Securities and Exchange Commission filings. These filings can be obtained through the SEC's website at www.sec.gov. Axtive expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations, subsequent events or new information. |
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