Business Resource Group Completes Closing of IPO Over-Allotment Option.SAN JOSE, Calif.--(BUSINESS WIRE)--Aug. 1, 1995--Business Resource Group announced today the closing of the sale of 225,000 shares of Common Stock (Nasdaq National Market: BRGP) at a price of $7.00 per share as a result of the exercise of the green shoe over-allotment option by Needham & Company, Inc. and Van Kasper & Company, managing underwriters of the Company's initial public offering. 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). from the green shoe exercise together with the proceeds from the initial public offering are expected to be used to fund a distribution of S Corporation earnings, to repay the Company's existing indebtedness under its revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. , for the acquisition of complementary businesses and for general corporate purposes, including working capital. Business Resource Group is a leading provider of workspace services and products to businesses in the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . The company is headquartered in San Jose, California San Jose (IPA: /ˌsænhoʊˈzeɪ/) is the third-largest city in California, and the tenth-largest in the United States. It is the county seat of Santa Clara County. , and has a showroom office in San Francisco and branch operations in Texas and Washington. Originally founded as Business Interiors in 1987, Business Resource Group is traded under the NASDAQ symbol BRGP. Copies of the prospectus relating to the offering may be obtained from Needham & Company, 400 Park Avenue, 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 , New York, 10022, (212) 371-8300 or Van Kasper & Company, 600 California Street, Suite 1700, San Francisco, California “San Francisco” redirects here. For other uses, see San Francisco (disambiguation). The City and County of San Francisco (EN IPA: [sænfrənˈsɪskoʊ] , 94108, (415) 391-5600. CONTACT: Business Resource Group Jessica MacKenzie, 408/441-3700 |
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