BakBone Software Announces U.S. $15,000,000 Equity Financing.Business Editors Storage Networking World Storage Networking World (commonly called SNW) is a for data storage professionals in the United States. Sponsored by Computerworld and the Storage Networking Industry Association, SNW is held twice each year. Spring 2003 SAN DIEGO--(BUSINESS WIRE)--April 16, 2003 BakBone Software(TM) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : BKBOF)(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension : BKB BKB Basler Kantonalbank (Switzerland) BKB Black King Bar (gaming weapon) BKB BV Kwaliteitsverklaringen Bouw (Dutch) BKB BankBoston Corporation ), a global provider of data recovery software announced that its Board of Directors has unanimously approved an agreement with VantagePoint Venture Partners IV (Q), L.P. ("VantagePoint") pursuant to which BakBone will, by way of private placement, issue to VantagePoint an aggregate of approximately 22,000,000 Series A preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. ("Preferred Shares") at CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $1.00 per Preferred Share for gross proceeds of approximately CDN$22,000,000 or US$15,000,000. Each Preferred Share will be convertible in certain circumstances into one (1) Common Share and shall generally entitle the holder to voting rights Voting rights The right to vote on matters that are put to a vote of security holders. For example the right to vote for directors. voting rights The type of voting and the amount of control held by the owners of a class of stock. on an as-converted basis with holders of Common Shares. Completion of the financing is subject to satisfaction of certain conditions, including finalizing a definitive agreement and receipt of requisite regulatory and shareholder approvals. The financing is expected to close following a special meeting of BakBone's shareholders to be held to approve the transaction. In connection with the completion of the financing, VantagePoint will be entitled to appoint two representatives to the Board of Directors of BakBone. Proceeds from the financing will be used for working capital and for general corporate purposes. Citigroup Global Markets Inc. (formerly Salomon Smith Barney), served as BakBone's financial advisor in the placement of the Preferred Shares. Following completion of the financing, VantagePoint will hold or exercise control or direction over an aggregate of approximately 22,000,000 Preferred Shares, or 100 percent of the issued and outstanding Preferred Shares of BakBone, and, assuming conversion of the Preferred Shares into Common Shares, will hold or exercise control or direction over an aggregate of approximately 22,000,000 Common Shares of BakBone which will represent approximately 27 percent of the currently issued and outstanding Common Shares. The securities of BakBone held by subsidiaries, affiliates or associates of VantagePoint or over which subsidiaries, affiliates or associates of VantagePoint exercise control or direction will be held for investment purposes. These investments will be reviewed on a continuing basis and holdings may be increased or decreased in the future. "We are pleased for the opportunity to add a top tier US institutional investor 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. such as VantagePoint to our shareholder base," said Keith Rickard, 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. . "We look forward to working with VantagePoint both at the Board of Directors level, and in our industry to further strengthen our position in the marketplace." About VantagePoint Venture Partners VantagePoint Venture Partners is one of the largest venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] in the United States that actively works with its entrepreneurs and strategic partners to build technology leaders. As an active multi-stage investor, the Firm provides funding and resources for all stages of a company's lifecycle from seed round through late stage and privately negotiated investments in public companies. Founded in 1996, VantagePoint has more than US$2.5 billion in committed capital in four funds. VantagePoint is based on a full-service "Partner-Team" approach that provides entrepreneurs with a blend of technology, venture capital, operations, marketing, and corporate-finance expertise. The Firm is focused on IT investing in the communications, semiconductor and software sectors. VantagePoint Venture Partners is headquartered in Silicon Valley with offices in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . About BakBone Software, Inc. BakBone Software (OTCBB: BKBOF)(TSX: BKB) is an international storage management software company that develops and globally distributes high-performance software solutions to the network storage and open systems markets. BakBone's backup and recovery software provides scalable data protection from the workgroup to the enterprise. Founded in 2000, BakBone Software's products are used by companies worldwide, and are distributed through a network of OEMs and solution providers. BakBone's corporate headquarters is located at 10145 Pacific Heights Boulevard, San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. 92121. Its stock is listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . For more information on BakBone products, call (866) 484-2663, e-mail sales@bakbone.com, or access BakBone's Web site at www.bakbone.com. Safe Harbor The statements contained in this press release that are not historical in nature are forward-looking statements. Forward-looking statements are not guarantees since there are inherent difficulties in predicting future results, and actual results could differ materially from those expressed or implied in the forward-looking statements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction. The offered securities will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such act. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion