CAM Raises $8M in Equity Private Placement to Fuel Growth.Business Editors FOUNTAIN VALLEY Fountain Valley, city (1990 pop. 53,691), Orange co., S Calif.; inc. 1957. Chiefly residential, Fountain Valley also has diverse manufactures, including apparel, computer equipment, semiconductors, and medical equipment. A U.S. navy helicopter facility is there. , Calif.--(BUSINESS WIRE)--March 28, 2000 CAM cam, mechanical device cam, mechanical device for converting a rotating motion into a reciprocating, or back-and-forth, motion, or for changing a simple motion into a complex one. Data (Nasdaq: CADA CADA Canadian Automobile Dealers Association CADA Capitol Area Development Authority CADA Canadian Alliance of Dance Artists CADA Central Area Development Association CADA California Association of Directors of Activities (Santa Cruz, CA) ) Tuesday announced that it has closed an $8 million equity private placement with a group of 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. . The shares sold in the private placement were sold at a price of $16 per share, with registration rights that call for the shares to be registered within 90 days of the closing. The agreement on pricing for the private equity placement was based on a 60 day trailing average of the closing price of the Company's stock less 15% or $16 per share, whichever was greater at the time of the close. After expenses, 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). to the Company are expected to be approximately $7.6 million. Under the agreement, each purchaser of 10 shares of common stock in the private placement will also receive "warrants" to purchase an additional seven shares at $24.9375 per share. If all warrants are exercised in the future, it will raise an additional $8.4 million for the Company. The Company received $4 million in funding upon the close while the remaining $4 million will be realized upon the completion of registration of the private placement shares. The proceeds will be utilized to more aggressively expand the Company's market share and mind share for new and existing products. These include CAM's new i.STAR Internet Storefront product that seamlessly integrates with CAM's back office Retail STAR retail management system at the database level. i.STAR allows a small retailer to simply and affordably create their own very professional e-commerce site, that provides a shared shopping experience for customers between the retailer's brick and mortar See bricks and mortar. stores and their i.STAR on-line storefront. The i.STAR site which is part of the retailers back office retailing and Point of Sale system, is completely "remote authored" from the Retail STAR system and can be developed in its entirety The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the entirety. very quickly without the help of a web master. The funds will also be used to accelerate the Company's successful Retail ICE software seeding strategy that lays the foundation for future sales of Retail STAR, i.STAR, and new transaction-based services. "We feel we have some fantastic new products and market strategies resulting in compelling opportunities that dictate TO DICTATE. To pronounce word for word what is destined to be at the same time written by another. Merlin Rep. mot Suggestion, p. 5 00; Toull. Dr. Civ. Fr. liv. 3, t. 2, c. 5, n. 410. us stepping up our efforts to realize our potential sooner rather than later while we have first mover mover /mov·er/ (moo´ver) that which produces motion. prime mover a muscle that acts directly to bring about a desired movement. advantage," stated Geoff Knapp, 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 CAM Data. "While our cash position was already strong for a company our size, we did not feel it was adequate for the more aggressive strategy we have planned. Furthermore, this financing helps us improve our capital structure by increasing the float and the number of shares outstanding. This is something that the investment community has repeatedly told us we need to do in order to increase the visibility and attractiveness of our company to Wall Street and to enhance liquidity for shareholders. We had many opportunities for obtaining additional financing and were fortunate to attract what I believe are a high quality group of institutions to our Company. The quality of our investment partners was a major factor in our decision to move forward with this financing." About CAM Data Systems CAM Data Systems, Inc., which is in the process of changing its name to CAM Commerce Solutions, provides total commerce solutions for traditional as well as web retailers that are based on the Company's open architecture software products for managing inventory, point of sale, sales transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. , and accounting. These solutions often include hardware, installation, training, service, and consulting provided by the Company. You can visit CAM Data at www.camdata.com. Important Information The statements made in this news release could be forward looking statements based on expectations that involve a number of risks and uncertainties. The factors that could cause actual results to differ materially include the following: economic conditions; competitive factors and pricing pressures; changes in product mix; technological developments affecting the Company's operations, market and products; and other factors discussed in the Company's filings with the Securities and Exchange Commission. |
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