Caliber Learning Network, Inc. Completes Closing of $15 Million in Series A Convertible Preferred Stock to Fleming Asset Management.BALTIMORE--(BUSINESS WIRE)--Oct. 27, 1999-- Caliber Learning Network, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CLBR CLBR Costa Linda Beach Resort (Aruba) ) today announced it has reached an agreement to sell $15 million in Series A Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". to Fleming Asset Management. 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). will be used to fund future development opportunities and general working capital purposes. The funding, provided by several Fleming Asset Management funds, is in the form of a Series A Convertible Preferred Stock. The Series A is convertible into shares of Common Stock at a price of $5.50 per share. Chris Nguyen, President and Chief Executive Officer of Caliber Learning Network, Inc., commented, "We are pleased that Fleming Asset Management has chosen to support Caliber's growth strategy to further develop its Internet distance learning business. This funding will allow Caliber to aggressively expand its sales and marketing plan and pursue its Internet initiatives with both corporate and education content providers." Fleming, based in the United Kingdom, carries out the investment management activities of Robert Fleming Holdings Limited, a privately owned global merchant bank. Together with Jardine Fleming, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Robert Fleming, and its joint venture with T. Rowe Price T. Rowe Price (NASDAQ: TROW) is an independent global investment management firm and mutual fund manager based in Baltimore, Maryland. It was founded in 1937 by Thomas Rowe Price, Jr.. T. , Rowe-Price Fleming, Fleming Asset Management has over $113 billion under management and 18 offices throughout the world. About Caliber Caliber offers interactive distance learning services for corporations and universities, enabling them to create training and education programs delivered through the Internet to desktops within its network of authorized centers, at the workplace, and in the home. These services give working adults access to live expert instruction, real-time two-way interactivity with instructors, and the ability to collaborate with other course participants. Caliber Learning Network, Inc. (NASDAQ: CLBR) is an affiliate of Sylvan Learning Systems, Inc. (NASDAQ: SLVN). This release may include information that could constitute forward-looking statements made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provision 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. Any such forward-looking statements may involve risk and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements. Factors that could cause or contribute to such differences include those matters disclosed in the Company's Securities and Exchange Commission filings. |
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