Cirond Corporation Signs Equity Private Placement for up to $6,000,000.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif. -- Cirond Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CROO) announced today it has signed agreements with several accredited investors for up to a $6,000,000 equity private placement consisting of 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". and warrants. Ascendiant Securities LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control of Irvine, California Irvine is an incorporated city in Orange County, California, United States. It is a planned city, mainly developed by the Irvine Company since the 1960s. Formally incorporated on December 28 1971, the 69.7 square mile (180.5 km²) city has a population of 202,079 (as of 2007). served as exclusive placement agent on the transaction. Pursuant to the terms of the agreements, Cirond Corporation initially received $2,000,000 in gross subscriptions from the transaction and has granted the investors an additional investment right to purchase up to $4,000,000 in preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. and warrants on the same terms for a period of six months following the effective date of the registration statement to be filed registering the underlying securities. More information regarding the transaction is provided in the Company's Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. filed today with the SEC. About Cirond San Jose, California-based Cirond Corporation (OTCBB:CROO) is dedicated to meeting the network security and management challenges created by the existence and popularity of wireless networks. Cirond products include AirPatrol Mobile and AirPatrol Enterprise (rogue access point (1) A wireless access point (AP) installed by an employee without the consent of the IT department. Without the proper security configuration, users have exposed their company's network to the outside world. and ad-hoc user detection and location, network security and management solutions; AirSafe (which prevents wireless sharing of authorized wireless connections by mobile computer users); AirSentinel (which provides 24/7 wired-side detection of wireless devices) and the Winc and pocketWinc wireless connectivity tools for the Windows and Pocket PC family of operating systems. Cirond products are available directly through the company's Web site at http://www.cirond.com or through its network of value added resellers and licensees. Cautionary Statement About Forward Looking Statements Forward looking statements as set forth in this press release are necessarily based upon estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control and many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward looking statements made by or on behalf of the Company. The Company disclaims any obligation to update forward looking statements. These statements are subject to risks and uncertainties, including without limitation, the price/performance requirements of customers, the ability to sell products incorporating the technology, the impact and pricing of competing technologies, the introduction of alternative technological solutions, and other risks detailed from time-to-time in Cirond's SEC filings and reports. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion