CTI Technology, Inc. Receives $9.5 Million in New Financing.Business/Technology Editors SPRINGFIELD, Mass.--(BUSINESS WIRE)--Nov. 9, 2001 CTI (Computer Telephone Integration) Combining data with voice systems in order to enhance telephone services. For example, automatic number identification (ANI) allows a caller's records to be retrieved from the database while the call is routed to the appropriate party. Technology, Inc. (OTC-Pink Sheets: "CTHI CTHI Churches Together in Hampshire and Isle of Wight (UK) ") announced today that it has successfully closed a Securities Purchase Agreement with security equity investors whereby CTI has received $4.5 million in new funding through an offering of Preferred Shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. . Concurrently with this financing, a receivables-based credit facility of up to $5M has been established with a large 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 based financing company. Under the terms of this new financing, the new Series B Convertible Preferred Shares will be convertible into approximately 51% of the fully-diluted equity. The existing Series AA shares have been converted to Series C Convertible Preferred Shares representing approximately 16% of the fully-diluted equity. The current shareholders and the management option holders hold the remaining shares. Robert Egan, President & 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. , commenting on the new financing, "The combination of the new equity and the credit facility will allow us to execute our business plan, service and expand our customer base by utilizing our prototype through high volume production expertise to better service this customer base" About CTI Technology, Inc. Based in Springfield, MA., CTI provides custom electronic manufacturing services to original equipment manufacturers in the electronics, computer, medical, and telecommunications industries. These services include design assistance and prototype production at the product development stage and a wide variety of assembly, integration, packaging, and test services at different levels of volume production. Our services benefit customers by reducing time to market for new and existing products, and by reducing overall sourcing and manufacturing costs at various stages of product growth. CTI currently has three operating plants located in Springfield, MA, Pompano Beach Pompano Beach (pŏm`pənō), city (1990 pop. 72,411), Broward co., SE Fla., on the Atlantic coast and the Intracoastal Waterway; inc. 1908. It is a resort city with ocean beaches, excellent fishing, and a harness-racing track. , FL, and Rosarito, Mexico. Some of the information-contained herein may constitute forward-looking statements within the meaning of 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 involve known and unknown risks, uncertainties and other factors over which the company has little or no control. Such factors include general economic and business conditions and commercial acceptance of the company's products and services. |
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