Cambex Receives $10 Million Private Equity Commitment.Business/Technology Editors WALTHAM, Mass.--(BUSINESS WIRE)--Aug. 7, 2000 Cambex Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CBEX CBEX China Beijing Equity Exchange ) today announced that it has entered into an agreement with a private institutional investor that provides the company with a $10 million equity line over an eighteen month period. Under the agreement, Cambex may draw down on the equity line, at its option, in amounts determined by the company subject to certain market conditions. The agreement does not obligate obligate /ob·li·gate/ (ob´li-gat) pertaining to or characterized by the ability to survive only in a particular environment or to assume only a particular role, as an obligate anaerobe. Cambex to draw down the entire commitment amount. The pricing of Cambex stock is based on the market value of the company's stock when each portion of the equity line is taken down. "The availability of this $10 million equity financing will provide sufficient funds for the company to more effectively execute its strategic plan of becoming a leading provider of Fibre Channel solutions for the rapidly growing SAN (storage area network) market," stated Joseph F. Kruy, 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. and President of Cambex. "Specifically, it will enable us to continue to introduce innovative hardware and software storage networking products and to aggressively build our sales and marketing organization," he said. Cambex will register for resale the securities to be sold to the investment group, pursuant to the equity drawdown Drawdown The peak to trough decline during a specific record period of an investment or fund. It is usually quoted as the percentage between the peak to the trough. Notes: facility, under the Securities Act of 1933. This announcement does not constitute an offer to sell or the solicitation of an offer to buy common stock of Cambex. About Cambex Corporation Cambex, headquartered in Waltham, MA, develops, manufactures and markets leading-edge Fibre Channel hardware and software solutions for building Storage Area Networks (SANs). The company offers high performance Fibre Channel host bus adapters and hubs, high availability software, Full-Fibre Channel RAID arrays and management software for the deployment of heterogeneous SAN solutions, providing companies the competitive advantage of constant data access, storage consolidation and centralized management. The Company also supplies memory for IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) (NYSE NYSE See: New York Stock Exchange :IBM) enterprise servers. Cambex is a member of the Fibre Channel Industry Association, the Storage Networking Industry Association An association of producers and consumers of storage networking products, whose goal is to further storage networking technology and applications. The Storage Networking Industry Association, or SNIA , the FibreAlliance, and the HP Open SAN Initiative. Cambex can be reached at 781-890-6000, or on the World Wide Web at www.cambex.com. Centurion, FibreQuik, Dynamic Path Failover, and Centurion Storage Manager are trademarks of Cambex Corporation; other trademarks are the properties of their respective holders. Cambex - SAN Solutions for the Internet Age Forward looking statements are made in this release pursuant to the safe harbor provisions 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. Investors are cautioned that all forward looking statements are subject to risks and uncertainties, including, without limitation, the timing of new announcements or product introductions by the Company and its competitors, the hiring and retention of key employees, competitive pricing pressures, dependence on third parties for components and products, general economic conditions in the United States and international markets, and the risk factors detailed from time to time in the Company's periodic reports and registration statements filed with the Securities and Exchange Commission. |
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