Bristol Retail Solutions, Inc. Announces Equity Financing.Business Editors NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Jan. 18, 2000 Bristol Retail Solutions, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BRTL) Tuesday announced that it has a $1 million 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". placement with an 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. . 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. is convertible at a price of $1.50 per preferred stock share and includes 425,000 of common stock warrants. The proceeds of the preferred stock will be used to fund the company's expansion efforts in existing territories. Lawrence Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , Bristol's chairman and president said "We are pleased to receive this additional financing. This convertible preferred stock is a Series C and does not have the dilutive effect that the Series A convertible preferred stock had." Cohen added, "This financing will be used to introduce new products and services in existing territories that will help Bristol grow our revenue base in the next couple of years." Bristol Retail Solutions, (the "company") with headquarters in Newport Beach, provides local area network (LAN (Local Area Network) A communications network that serves users within a confined geographical area. The "clients" are the user's workstations typically running Windows, although Mac and Linux clients are also used. ) products and services to retailers through an expanding network of point-of-sale systems (POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale ) dealers and value-added resellers. Statements contained in this news release which are not historical information are forward-looking statements as defined within 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. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those projected or implied. Such potential risks and uncertainties include, but are not limited to, the company's operating history, certain risks related to the company's previous acquisition strategy, the need for additional financing to implement new strategies, intense competition and substantial fluctuations in future operating results. Additional factors which could affect the company's operating and financial results are described in the company's Annual Report on Form 10-KSB for the period ended Dec. 31, 1998 and subsequent Quarterly Reports on Form 10-QSB for 1999, all of which are on file with the Securities and Exchange Commission. Additionally, the company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements which may be made to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. |
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