Compu-DAWN Increases Loan Facility to LocalNet Communications, Inc., a Telecommunications and Internet Services Marketing Business, and is Granted Option to Convert Part of Its Loan Principal Into 40% of LocalNet's Equity.CEDARHURST, N.Y.--(BUSINESS WIRE)--Nov. 18, 1998--Compu-DAWN, Inc. (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 :CODI CODI Cornucopia Of Disability Information CODI Committee on Development Information CODI Customers of Dynix, Inc. (user group) CODI Consortium Omscholing Docenten Informatica (The Netherlands) ) (the "Company") today announced that the Company increased its loan facility to LocalNet Communications, Inc. ("LocalNet") by $800,000 or to an aggregate of $1,800,000. The aggregate principal borrowed, together with interest, is payable in October 1999. LocalNet granted the Company an option to convert up to $1,000,000 of outstanding loan principal into a number of shares of LocalNet capital stock up to 40% of LocalNet's equity on a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis. The Company can exercise the option at any time. Compu-DAWN, Inc. is in the business of designing, developing, licensing, installing and servicing computer application and communication software products and systems for law enforcement and other public safety agencies. The Company has developed, licensed and installed its system in more than 60 agencies, primarily located in the State of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and is actively pursuing use of its technology and resources in other industries. This press release may include certain 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. about the Company that are based on management's current expectations. Actual results may differ materially as a result of any one or more of the risks identified in the Company's filings under the Securities and Exchange Act of 1934. |
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