CoActive Marketing Group, Inc. Private Placement.Business Editors GREAT NECK, N.Y.--(BUSINESS WIRE)--Feb. 3, 2000 CoActive co·ac·tion n. 1. An impelling or restraining force; a compulsion. 2. Joint action. 3. Ecology Any of the reciprocal actions or effects, such as symbiosis, that can occur in a community. Marketing Group, Inc. (Nasdaq SmallCap CMKG) reported today that in a private placement for $1 million it has sold 500,000 newly issued shares of its common stock together with five year warrants to purchase an additional 250,000 shares of its common stock at a purchase price of $2.50. The investment group was advised that the Company at December 31, 1999 was in default with respect to certain financial covenants of its bank loan agreement and that it is in the process of requesting a waiver The voluntary surrender of a known right; conduct supporting an inference that a particular right has been relinquished. The term waiver is used in many legal contexts. of such defaults from the bank and further that it cannot give any assurance that the bank will grant a waiver of non-compliance. Commenting on the placement, John P. Benfield, President and Chief Executive Officer of CoActive Marketing Group stated &uot;that the Company intends to use the added funds to increase its working capital and for an investment in a strategic alliance with a minority-owned, multicultural mul·ti·cul·tur·al adj. 1. Of, relating to, or including several cultures. 2. Of or relating to a social or educational theory that encourages interest in many cultures within a society rather than in only a mainstream culture. , predominately Hispanic Hispanic Multiculture A person of Mexican, Puerto Rican, Cuban, Central or South American, or other Spanish culture or origin, regardless of race Social medicine Any of 17 major Latino subcultures, concentrated in California, Texas, Chicago, Miam, NY, and elsewhere , promotion and marketing services company.&uot; Any statements contained in this news release regarding expected financial results and other planned events are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , subject to uncertainties and risks, including, but not limited to, the demand for and implementation of CoActive's services, and the ability of the Company to successfully implement its strategies, each of which may be impacted, among other things, by economic and/or competitive conditions. CoActive Marketing Group, Inc. is a full service marketing, sales promotion and interactive services company which develops and manages integrated marketing, sales and promotion programs at both national and local levels for consumer product companies. The programs are geared towards growing incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. sales and profits by identifying and addressing key trade, sales and consumer needs. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion