CAM Receives Partial Funding in Equity Private Placement.Business Editors & High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. Writers 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)--June 30, 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. Commerce Solutions Inc. (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) ), formerly CAM Data Systems Inc., Friday announced that the second half of the $8 million private placement of common stock first announced on March 27, 2000, has been partially completed. Of the $4 million to be raised following the first closing on March 27, 2000, CAM Commerce Solutions has now received $2 million, bringing the total amount received from the placement to $6 million. Three of the funds involved in the transaction, Anegada Fund Ltd., Tonga Partners L.P. and The Cuttyhunk Fund Limited, have breached their agreement with CAM Commerce Solutions and refused to purchase the final $2 million of common stock. All three funds are managed by Cannell Capital. CAM Commerce Solutions has made a demand on these funds to cure their breach, and is currently evaluating its legal remedies A legal remedy is the means by which a court of law, usually in the exercise of civil law jurisdiction, enforces a right, imposes a penalty, or makes some other court order to impose its will. In Commonwealth common law jurisdictions and related jurisdictions (e.g. in the event they fail to do so. About CAM Commerce Solutions CAM Commerce Solutions (formerly CAM Data Systems Inc.), 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 Commerce Solutions at www.camcommerce.com. Important Information The statements made in this news release could be forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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, products; and other factors discussed in the company's filings with the Securities and Exchange Commission. |
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