Comtech Telecommunications Corp. Announces Private Placement of Common Stock.Business Editors MELVILLE, N.Y.--(BUSINESS WIRE)--July 16, 2003 Comtech Telecommunications Corp. (Nasdaq: CMTL CMTL Chief Military Training Leader CMTL Center for Mathematics, Teaching and Learning ) reported that it expects to complete a sale by the end of today, in a private placement, of 2,100,000 shares of its common stock for an aggregate price of approximately $40.6 million (or $19.33 per share). The number of shares and the per share price reflect the Company's 3-for-2 stock split which was effective after the markets closed on July 14, 2003. The Company intends to use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the sale of shares to prepay long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. and for other corporate purposes and has agreed to register for resale the shares to be sold in the private placement. The securities offered and sold in the private placement have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy the securities. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act of 1933, as amended. This press release contains statements that are forward-looking in nature and involve certain significant known and unknown risks, uncertainties, potential delays and other factors. As a result, actual events could differ materially from such 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. . Any forward-looking statement in this news release is qualified in its entirety by such risks and uncertainties. PCMTL PCMTL Progressive Cars Montreal (Montreal, Canada) |
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