CyberShop.com Announces Completion of Equity Financing of $5.1 Million.JERSEY CITY, NJ--(BUSINESS WIRE)--Oct. 1, 1999-- CyberShop.com(R), 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 : CYSP), a leading online retailer http://www.cybershop.com, announced today that it has completed an equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. of $5.1 million. The financing involved the issuance of common stock and warrants. The stock and warrants were issued at prices above yesterday's closing sale price. Over the near term additional shares may be issued to the investors under certain price conditions. Upon the mutual agreement of the Company and the investors, the Company has the opportunity to raise an additional $9.9 million of equity. A portion of the proceeds of the financing will be employed to support the Company's significant fourth quarter advertising program and build up of appropriate inventory. About CyberShop.com CyberShop.com, a leading online retailer, operates two online stores. Our flagship store located at www.cybershop.com offers discounted designer and brand-name apparel, electronics, home accessories, toys, gifts and watches all at closeout closeout, closure the finalization of a feeding program in a feedlot. The cattle are sold and a balance sheet is struck which includes the costs of feeding and housing or confining them. prices. electronics.net, CyberShop.com's joint venture with Tops Appliance City, located at www.electronics.net offers a broad assortment assortment /as·sort·ment/ (ah-sort´ment) the random distribution of nonhomologous chromosomes to daughter cells in metaphase of the first meiotic division. as·sort·ment n. of consumer electronics, appliances and home office equipment for sale online. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. This announcement contains 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. that involve risks and uncertainties that include, among others, CyberShop.com's limited operating history, anticipated losses, unpredictability of future revenues, potential fluctuations in quarterly operating results, seasonality, competition, risks associated with system development and operation risks, management of potential growth and risks of new business areas, and strategic alliances. |
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