Datrek Miller International Completes $2.0 Million of Financing.SPRINGFIELD, Tenn. -- Datrek Miller International, Inc. ("DMI (Desktop Management Interface) The first desktop management standard from the DMTF. Enabling PCs to be monitored from a central console, it was superseded by the DMTF's Common Information Model (see CIM). " or the "Company") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : DKMI) announced that it has closed on a new 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. with Stanford International Bank Ltd. ("Stanford") in which Stanford has made an aggregate investment in the Company of $2,000,000. The investment is in the form of an 8% Subordinated Convertible Debenture Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. issued by the Company in favor of Stanford. The debenture is convertible into common stock of the Company at a conversion price of $2.00 per share. The Company also granted warrants to purchase 600,000 shares of common stock of the Company to Stanford and its assigns. Under the terms of a Securities Purchase Agreement, the Company has agreed to create a series of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . Upon the creation of the preferred stock, Stanford has agreed to exchange the shares of common stock issuable upon the conversion of the debenture into shares of preferred stock. The Company has also agreed to file a registration statement with the SEC within 180 days and use its best efforts to register the shares of common stock underlying the preferred stock and the warrants. "This additional investment demonstrates Stanford's confidence in the management team's strategic vision to build this company into the most reliable, multi-platform accessories and golf bag supplier in the golf industry," said Michael Hedge, DMI's Chief Executive Officer. About Datrek Miller International, Inc. Datrek Miller International is a leading supplier of products and services to the golf industry. The company produces revenue through three separate distribution channels; on course, off course, and tournament events. The Company has a combined 75 year history and reputation for designing, manufacturing, and supplying premium golf accessories including golf bags, travel covers, bag tags Bag tags, also known as baggage tags, baggage checks or luggage tickets, have traditionally been used by airlines to route passenger luggage that is checked in to the final destination. , head covers, towels, divot tools, luggage, and a wide assortment of gifts and awards. The Company offers many value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. services including product design, development, assembly, inventory management, and many other embellishment services such as product embroidery and imprinting imprinting, acquisition of behavior in many animal species, in which, at a critical period early in life, the animals form strong and lasting attachments. Imprinting is important for normal social development. . Stanford Financial is the primary shareholder and the stock is listed as DKMI.OB. Forward Looking Statements: Statements contained in this news release which are not strictly historical are forward looking within the meaning of the 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. clause of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Datrek Miller International makes these statements based on information available to it as of the date of this news release and assumes no responsibility to update or revise 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. . Words such as "projects", "believe", "anticipates", "estimate", "plans", "expect", "intends", and similar words and expressions are intended to identify forward-looking statements and are based on our current expectations, assumptions, and estimates about us and our industry. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Although Datrek Miller International believes that such forward-looking statements are reasonable, we cannot assure you that such expectations will prove to be correct. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of several factors, risks and uncertainties. These factors, risks and uncertainties include, without limitation, Datrek Miller International's success in integrating the operations of the merged businesses, and associated reduction in costs, the successful implementation of its business plans including growth of existing product offerings, the successful integration of new management team members, continued and increased demand for its products, competition from larger and/or more experienced participants in the industry, its ability to continue to develop its markets, general economic conditions, and other factors that may be more fully described in Datrek Miller International's literature and periodic filings with the Securities and Exchange Commission. You are urged to carefully review and consider these disclosures which describe certain factors which affect our business. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion