CellPoint Raises Initial US$5.25 Million Through Private Placements.Business Editors LONDON--(BUSINESS WIRE)--Oct. 1, 2001 CellPoint Inc. (Nasdaq:CLPT), a global provider of mobile location technology and services, has announced the initial raise of US$5.25 million through a series of European private placements. Another initial closing will take place today at the close of business for funds being raised in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . "The foundation has been built for stable and long-term financial development despite a difficult economic backdrop," said Peter Henricsson, Chairman and 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. of CellPoint Inc. "The majority of the funds raised in this initial closing were subscribed for at a price above the market price of CellPoint's stock at subscription time," added Henricsson. Last week CellPoint announced a restructuring of the floating convertible notes held by Castle Creek Castle Creek may refer to:
Swedish broker BorsInsikt Fondkommission AB has closed its first tranche of their private placement at 21 million Swedish Kronor, or approximately $2 million of the $5.25 million raised. The first tranche from the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. private placement will be completed at the close of business today. This first closing is one part of the board's comprehensive plan on financing and streamlining the company to focus on location services See mobile positioning. and to reach cash-flow positive in the shortest possible time. This week the company will issue an update on the initial closing of the US placement and explain in more detail how these financings serve the board's overall plan. The private placements in process may require CellPoint to revise certain financial disclosures and forward-looking statements in the fiscal year end report to be filed with the SEC on Form 10-KSB. On Friday, CellPoint filed Form 12b-25 with the SEC advising that the company would not file the year end report within the prescribed time period due to the financing transactions in process which are completing at or just subsequent to the due date of September 28, 2001. CellPoint will file the year end report by October 15, 2001. CellPoint's preliminary financial results for the year ended 30 June 2001 can be viewed on CellPoint's website at http://www.cellpoint.com/PR/010829eng.htm. CellPoint Inc. (Nasdaq and Stockholmsborsen: CLPT, www.cellpoint.com) is a US company with subsidiary operations in Sweden, Great Britain Great Britain, officially United Kingdom of Great Britain and Northern Ireland, constitutional monarchy (2005 est. pop. 60,441,000), 94,226 sq mi (244,044 sq km), on the British Isles, off W Europe. The country is often referred to simply as Britain. and South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. delivering mobile location technology and services in cooperation with cellular operators worldwide. CellPoint's end-to-end cellular location technology is a high-capacity system that works in unmodified Adj. 1. unmodified - not changed in form or character unqualified - not limited or restricted; "an unqualified denial" modified - changed in form or character; "their modified stand made the issue more acceptable"; "the performance of the modified aircraft GSM networks and uses standard GSM or WAP phones and standard Internet services. Several commercial applications are available for business and personal location services including Resource Manager(TM) for mobile resource management, iMate(TM) for location-sensitive information and Finder(TM), an application for locating friends and family. CellPoint(TM) and CellPoint Systems(TM) are trademarks of CellPoint Inc. Forward-looking statements in this release are 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. provisions of the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995. Actual results may differ materially from those projected in any forward-looking statement. Investors are cautioned that such forward-looking statements involve risk and uncertainties which may cause actual results to differ from those described. |
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