BroadVision, Inc. Announces Closing of Rights Offering.REDWOOD CITY Redwood City, city (1990 pop. 66,072), seat of San Mateo co., W Calif., on San Francisco Bay; inc. 1868. Manufactures include commmunications, electrical, electronic, and medical equipment. , Calif. -- BroadVision Inc. (Pink Sheets:BVSN BVSN Broadvision, Inc. (stock abbreviation, AMEX) ), a global provider of e-Business solutions, today announced the expiration of its rights offering as of Tuesday, November 28, 2006. Preliminary results from the offering indicate that participants in the rights offering exercised rights to purchase approximately 36 to 38 million shares, representing approximately 20 to 22% of the new shares offered, with total gross proceeds to BroadVision of approximately $16 to 17 million. BroadVision expects to announce final results and issue shares to offering participants within the next two weeks. Based on these preliminary results, with the capital raised from this rights offering, plus cash generated from operations, the company now projects its cash balance (consisting of cash and cash equivalents) as of December 31, 2006 will be in the range of $32 to $35 million. "The completion of this rights offering will be yet another major step in the relaunch of our company," said Dr. Pehong Chen, 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. of BroadVision. "We are very pleased with the progress we have made in just one year. The company is now free of any long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. and generating cash from profitable business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets . With a solid new product pipeline, we are very much looking forward to an exciting 2007 and beyond." BroadVision plans to release its financial results for the quarter ended September 30, 2006 by Friday December 8, 2006. About the Rights Offering On December 20, 2005, BroadVision announced that it entered into a Debt Conversion Agreement (the "Debt Conversion") with Honu Holdings, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a Delaware limited liability company controlled by Dr. Pehong Chen, BroadVision's Chief Executive Officer and largest stockholder ("Honu"), pursuant to which the Company agreed to issue 34,500,000 shares of BroadVision common stock to Honu in a private placement in exchange for total consideration of $15,525,000, consisting of the cancellation of the unpaid principal and accrued and unpaid interest under the Senior Subordinated Secured Convertible Promissory Note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. of BroadVision held by Honu. Such Debt Conversion was consummated on March 8, 2006. In connection with the Debt Conversion, BroadVision also announced that it would commence a rights offering of up to 177,890,071 shares in common stock to all shareholders of record as of December 20, 2005, as well as certain warrant holders. About BroadVision BroadVision is a global pioneer of e-Business solutions. Nearly 1,000 organizations Co including Audible.com, Baker Hughes Baker Hughes NYSE: BHI is the world's third-largest oilfield services company behind Schlumberger & Halliburton, its main competitors. Baker Hughes provides the world's oil & gas industry with products and services for drilling, formation evaluation, completion and production. , Ferrari, Cardinal Health <includeonly></includeonly> Cardinal Health (NYSE: CAH) is a premier, global healthcare company dedicated to making healthcare safer and more productive. Overview Headquartered in Dublin, Ohio, Cardinal Health, Inc. , Citibank, Hilti, Japan Airlines, Renault, Sears, Sony, Standard Chartered Bank Standard Chartered Bank (LSE: STAN, HKSE: 2888 ) is a British bank headquartered in London with operations in more than fifty countries. It operates a network of over 1,600 branches (including subsidiaries, associates and joint ventures) and employs almost 60,000 , Vodafone, U.S. Air Force, Yomiuri Shinbun, Xerox Co serving nearly 75 million registered users, rely on BroadVision's innovative e-commerce and portal platforms to power and personalize their mission-critical web initiatives. Information Concerning Forward-Looking Statements Information in this release that involves expectations, beliefs, hopes, plans, intentions or strategies regarding the future are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risk and uncertainties. These include, but are not limited to, statements regarding BroadVision's anticipated rights offering proceeds and cash balances and its generation of cash from profitable operations. These forward-looking statements are based upon information available to BroadVision as of the date of this release, and BroadVision assumes no obligation to update or correct any such forward-looking statements. These statements are not guarantees of future performance, and actual results could differ materially from BroadVision's current expectations. Factors that could cause or contribute to such differences include, but are not limited to: lack of market acceptance of BroadVision's existing and new products or services; BroadVision's inability to finalize revenue transactions and generate revenue growth, earnings and adequate cash flows in 2006; BroadVision's inability to continue to develop competitive new products and services on a timely basis; introduction of new products or services by competitors; general economic conditions and BroadVision's inability to attract and retain qualified employees. These and other factors and risks associated with BroadVision's business are discussed in its most recent annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and in BroadVision's quarterly reports on Form 10-Q Form 10-Q See 10-Q. as filed with the Securities and Exchange Commission. For more information about BroadVision, Inc., call 650.542.5100, email ir1@broadvision.com or visit www.broadvision.com. BroadVision is a trademark or registered trademark of BroadVision, Inc. in the United States and other countries. |
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