Communication Intelligence Corporation announces financing.REDWOOD SHORES, Calif.--(BUSINESS WIRE)--July 5, 1995--(OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : CICI CICI Cochlear Implant Club International ) Communication Intelligence Corporation (CIC CIC circulating immune complexes. CIC Circulating immune complexes. See Immune complexes. ) today announced that it has secured a $2.5 million Bridge Loan for general working capital purposes. This credit facility has been established with CIC Standby Ventures, L.P., CIC's largest shareholder. The maximum amount of the credit line is $2.5 million and is due and payable June 30, 1996 or sooner, depending upon the timing of the completion of a permanent financing Permanent financing Long-term financing using either debt or equity. permanent financing The long-term financing that supports a long-term asset. . Interest is set at 2% above Citibank N.A. prime rate and is payable quarterly. In consideration for extending this credit facility, the lender will receive warrants to purchase 625,000 shares of CIC common stock issuable immediately and the right to receive additional warrants, based on the length of time the loan is outstanding. The total warrants issuable initially allow for a purchase of up to 2.5 million common shares of CIC at $1 per share for a term of 5 years. There are provisions to adjust the number of issuable warrants and related exercise price under certain conditions. As previously stated in the news release of March 6, 1995, CIC management is actively seeking an investment banking firm to assist the company in identifying sources of capital to allow CIC to grow efficiently and to qualify the company's shares to trade on 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 . The availability of this Bridge Loan allows the Company the time required to complete its plans to hire a new President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. with strong experience in marketing, sales and the management of high-growth organizations. These changes should accelerate CIC's repositioning as a marketing and sales organization and enhance the value of CIC prior to the completion of permanent long-term financing. The Company Communication Intelligence Corporation (CIC) develops, markets, and licenses natural input computer technology -- products that use pen and image for input. Founded in 1981, CIC is a leading supplier of pen computing products to hardware manufacturers throughout the world, particularly its multilingual Handwriter Recognition System and Dynamic Signature Verification software, PenDOS. and PenMac pen operating environments. CIC is headquartered in Redwood Shores, California Redwood Shores is an upscale and desirable [1] waterfront neighborhood on the San Francisco Peninsula in California. It is located on the eastern edge of Belmont, but is actually part of incorporated Redwood City. , United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, and has subsidiaries in Tokyo, Japan and Nanjing, China. CIC's stock is publicly traded, symbol CICI on the OTC Bulletin Board. CONTACT: Communication Intelligence Corporation Maurice Boucher, 604/689-8588 |
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