DIGS Inc. Completes $2.5 Million Private Placement of Convertible Preferred Shares; Funding Provides Working Capital for iVideoNow Commercial Development.Business Editors ENCINO, Calif.--(BUSINESS WIRE)--March 29, 2000 DIGS Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :DIGS), a supplier of multimedia and Internet communications solutions for corporations, today announced that it has completed a $2.5 million private placement offering of convertible preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. through May Davis Group Inc., a New York-based financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. firm. Under the terms of the offering, which was increased in size from the previously disclosed $2 million, DIGS will issue 2,500 new convertible preferred shares with an annual yield of six percent. Proceeds of the interim financing Interim financing A short-term loan made to a company on the condition that a takeout will follow with long-term or intermediate financing. interim financing The financing that supports a transaction until permanent financing can be arranged. arrangement will provide working capital for the continued development and commercial launch of DIGS's iVideoNow(TM) multi-window video playback application and iVNDS(TM) delivery system. "Our effort to bring to market the first multi-window Internet video screening device is proceeding expeditiously ex·pe·di·tious adj. Acting or done with speed and efficiency. See Synonyms at fast1. ex ," said Peter B. Dunn, DIGS president and chief executive officer. "In addition to the two major browsers, the application supports two of three leading video streaming platforms, Microsoft's Media Player 2000(TM) and Apple's QuickTime(TM). In the coming weeks, we will complete beta testing (programming) beta testing - Testing a pre-release (potentially unreliable) version of a piece of software by making it available to selected users. This term derives from early 1960s terminology for product cycle checkpoints, first used at IBM but later standard throughout the that will enable the product to support the Real Networks(TM) video streaming application, as well as add other features and enhancements in anticipation of a commercial roll-out late this month." Dunn indicated that the private placement "provides sufficient working capital for the product's launch and that the company will continue to evaluate its longer-term financial requirements." Based in 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 , the May Davis Group (MDG MDG Millennium Development Goals (UNDP) MDG Madagascar (ISO Country code) MDG Medical Group (USAF) MDG Air Madagascar (ICAO code) ) is a full-service financial services firm focusing on the needs of small to medium-sized companies, high net worth individual investors, and institutional money managers worldwide. MDG is actively involved in investment banking and strategic financial advising, institutional and retail brokerage, over-the-counter trading and equity research. DIGS' unique IVideoNow product offers viewers considerable flexibility as to what they view and at what quality. Users may screen up to 36 videos in the player's preview windows. DIGS' four-star quality system allows the viewer to select the quality level they wish for full screen viewing. The IVideoNow clock feature detects the speed of the user's connection, computes the download time needed for each quality level based on the length of the video and displays the information to the user. The company sees broad marketing uses for its video player in many industries including entertainment (film, television and music), retail and travel, as well as in company intranets for internal communications. DIGS, Inc. designs and develops complete multimedia and Internet communications solutions for corporations. Its Digital Corporate Profiles (DCP DCP - definitional constraint programming ) subsidiary provides public companies with powerful communications tools including unique CD-ROMs designed for investor relations Investor relations The process by which the corporation communicates with its investors. , environment health and safety reporting and employee outreach. The company serves such leading companies as Intimate Brands, Inc., parent of Victoria's Secret; The Limited; The Cheesecake Factory; Del Webb Corp.; Mikohn Gaming Corp.; and ARCO (Atlantic Richfield). The company's corporate offices are located at 17327 Ventura Blvd., Suite 200, Encino, CA 91316. Telephone: 818-907-1917; fax: 818-789-3985. For further information, visit the company's website at www.digsinc.com. Certain statements in this news release may constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve risks, uncertainties, and other factors, which may cause the actual results, performance, or achievement expressed or implied, by such forward-looking statements to differ. DIGS, Digital Information Group, Digital Corporate Profiles, DCP, IRCD IRCD Internet Relay Chat Daemon IRCD Institute for Regional Community Development (University of Canberra, Australia) IRCD Injection Rate Control Device IRCD Irc Daemon IRCD Interface Requirements Control Document , are trademarks of DIGS Inc. Mikohn is a trademark of Mikohn Gaming Corp. The Cheesecake Factory(R) is a trademark of The Cheesecake Factory, Inc. Arco, Atlantic Richfield are trademarks of Atlantic Richfield. All other trademarks are the property of their respective holders. |
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