Celerity Solutions Announces Extension of Series a Warrants.Business/Technology Editors DEDHAM, Mass.--(BUSINESS WIRE)--March 22, 2000 Celerity ce·ler·i·ty n. Swiftness of action or motion; speed. See Synonyms at haste. [French célérité, from Old French, from Latin celerit Solutions, Inc. ("Celerity", "the Company", 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 BB: CLTY, CLTYW), announced today that its Board of Directors has extended its Series A Warrant expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. from March 31, 1999 to May 31, 2000. The Company currently has 344,500 Series A Warrants outstanding. Each Warrant entitles the holder thereof to purchase 1.74 Shares of Common Stock at an exercise price of $3.57 per share through March 31, 1999. The Warrants are redeemable by the Company on an all or nothing basis at a redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. of $0.01 per Warrant, upon 30 days written notice, provided, however, that holders may exercise Warrants at any time prior to the expiration of the 30-day redemption notice period. In the event that all of the Warrants are exercised, the Company will receive proceeds of approximately $2,150,000. The Company currently plans to use any proceeds received upon exercise of the Warrants to fund working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. and finance the development of software products. This press release may contain certain forward-looking statements, e.g. "expect", "projected," 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 statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those presently anticipated or projected. Celerity cautions readers not to place undue reliance on any forward looking statements, which speak only as to management's expectations on the date hereof. Celerity does not undertake - and specifically declines any obligation - to publicly release the result of any revision, which may be made to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events. |
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