BPI Packaging Technologies Inc. Announces $2.0 Million Private Placement.N. DIGHTON, Mass.--(BUSINESS WIRE)--April 22, 1998--BPI Packaging Technologies Inc. ("BPI (Bits Per Inch) The measurement of the number of bits stored in one linear inch of a track (storage channel) on a disk or tape. Bit density on magnetic disks has reached 800,000 bpi (800 Kbpi). See tpi, areal density and magnetic disk. BPI - bits per inch ") ((NASDAQ/NMS:BPIE BPIE Base Procured Investment Equipment ) (Common Stock)), today announced that its April equity private placement with institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. has been over-subscribed raising approximately $2.0 million. Since Aug. 27, 1997, BPI has placed a total of approximately $7.0 million of equity with institutional investors. Dennis N. Caulfield, chairman and chief executive officer, stated, "The monies raised demonstrate strong confidence in BPI's future. The funds will be used for general working capital and to support the expected build-up build·up also build-up n. 1. The act or process of amassing or increasing: a military buildup; a buildup of tension during the strike. 2. of sales for the company's proprietary thin, clear film for tissue overwrap." BPI Packaging Technologies Inc. is a leading manufacturer of proprietary thin, clear film for tissue overwrap (paper towels and bathroom tissue), proprietary plastic carry-out bags, referred to as t-shirt bags, sold to convenience stores The following is a list of convenience stores organized by geographical location. Stores are grouped by the lowest heading that contains all locales in which the brands have significant presence. and produce departments of supermarkets and proprietary in-store advertising and promotion products. -0- Certain statements contained in this press release are not based on historical facts, but 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, that are based upon a number of assumptions concerning future conditions that may ultimately prove to be inaccurate. Actual events and results may materially differ from anticipated results described in such statements. CONTACT: BPI Packaging Technologies Inc. Dennis N. Caulfield 508/824-8636 or Tower Research Associates Arthur Stupay, 216/861-4816 |
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