Printer Friendly
The Free Library
19,607,053 articles and books
Member login
User name  
Password 
 
Join us Forgot password?

Datrek Miller International Secures Additional Financing; Agreement with Stanford International Bank Adds $3 Million with $6 Million Option to Support Growth Opportunities.


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 Enabling PCs to be monitored from a central console, it was superseded by the DMTF's Common Information Model (see CIM). ) (OTCBB OTCBB

See OTC Bulletin Board (OTCBB).
: DMLL) announced the closing of 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.
 agreements with Stanford International Bank Ltd. ("Stanford") that provides the company with access to $3 million in capital with options in favor of Stanford for up to another $6 million, announced Mike Hedge, DMI president.

Under the terms of a 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.
 purchase agreement, Stanford has acquired 1,000,000 shares of preferred stock and warrants to purchase 600,000 shares of common stock of the Company for $2,000,000. Stanford has also agreed to acquire, subject to the satisfaction of certain conditions, up to 500,000 additional shares of preferred stock at a purchase price of $2.00 per share along with 300,000 warrants before the end of December 2005.

The proceeds of the investment are expected to provide DMI with funds for acquisitions and working capital, subject to Stanford's approval of each transaction. "Stanford is a tremendous partner in our business," said Hedge. "Golf is an important part of their portfolio and we appreciate the confidence they have in our business plan. By having these funds available, we can aggressively grow through investing in our current holdings and by proactively seeking out acquisition opportunities."

"Datrek Miller International caught our attention as an innovative and entrepreneurial company," said James Davis James Davis is the name of several people:
  • James E. Davis (Computer Scientist) professor at University of California, Santa Cruz
  • James Davis (basketball), (NBA, 1955)
  • James Davis (CEO), chairman of New Balance
, Director and CFO See Chief Financial Officer.  for Stanford Financial Group. "At Stanford, we look to partner with organizations that represent quality and commitment. An alliance with Datrek Miller is also a natural fit to our sports marketing Sport marketing (or "sports marketing" in the US) (1) the specific application of marketing principles and processes to sport products (e.g., teams, leagues, events, etc.) and (2) the the marketing of non-sports products (e.g., cigarettes, beer, long-distance phone service, etc.  efforts."

As part of this agreement, DMI has granted Stanford the option, at any time within two years from the date of the purchase agreement, to acquire an additional 2,500,000 shares of preferred stock and warrants to purchase 1,500,000 shares of common stock for an aggregate purchase price of $5,000,000. In addition, the purchase agreement grants Stanford the right to purchase an additional 500,000 shares of parity preferred stock, when authorized by DMI, and warrants to purchase an additional 300,000 shares of the Company's common stock for an aggregate purchase price of $1,000,000 on the same terms and conditions set forth in the purchase agreement.

Stanford Financial Group, an affiliate company of Stanford Financial Bank, recently announced it has secured the title sponsorship of the PGA TOUR The PGA Tour is an organization that operates the USA's main professional golf tours. It is headquartered in Ponte Vedra Beach, Florida, USA. Its name is officially rendered in all caps as “PGA TOUR".  event currently known as the FedEx St. Jude Classic in Memphis, Tenn. Beginning in 2007; the event will be called the Stanford St. Jude Classic.

About Datrek Miller International, Inc.

Datrek Miller International, Inc. is a leading supplier of products and value-added services A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions.  to the golf industry. The company has a combined 75 year history and reputation for designing, manufacturing, marketing, 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, luggage, and a wide assortment of gifts and awards. DMI services over 6,000 points of sale through multiple distribution channels with a wide selection of products and value-added services representing multiple brands within the golf industry. Stanford International Bank Ltd., an affiliate of Stanford Financial Group, is the primary shareholder of the company and the stock is listed on the OTC Bulletin Board OTC Bulletin Board

An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system.
 under the trading symbol Trading symbol

See: Ticker symbol
 DMLL.OB.

Forward Looking Statements

Included in this release are "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.
" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including express and implied statements concerning future growth potential, future revenues and revenue growth, income, results of operations, expansion plans and expectations. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that the expectations reflected in such forward looking statements will prove to have been correct. The Company 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. These forward-looking statements are subject to certain risks and uncertainties, including, without limitation, the Company'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. The Company's actual results could differ materially from those anticipated in the forward looking statements as a result of certain factors including sales levels, operating costs operating costs nplgastos mpl operacionales , distribution and competition trends, consumer preferences and other market factors. Past sales performance may not be indicative of future results.
COPYRIGHT 2005 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Dec 6, 2005
Words:824
Previous Article:Nuveen Investments Announces Completion of $400 Million in Private Placements Based upon Its Symphony CLO Strategy for Institutional Investors.
Next Article:CPI Awarded BICSI Prestige Corporate Member Status.
Topics:



Related Articles
California Bank & Trust Plans Move to Oakland.
ECI Telecom and Chiaro Networks enter strategic partnership.
Datrek Miller International's Largest Shareholder Now PGA TOUR Title Sponsor.
Fitch Assigns 'B-' IDR & 'BB-/RR1' Bank Debt to UAL & United Airlines.
Norwest Equity Partners Announces New $140 Million Bank Financing for Aurafin.
Second-lien lending rides a gusher.
Implant Sciences Secures $5 Million Revolving Credit Facility from Bridge Bank.
AFC Hotel Finance Group announced the completion of $9.0m in financing for two hotels in Atlanta and Bremen, GA on behalf of Apsilon Management.

Terms of use | Copyright © 2012 Farlex, Inc. | Feedback | For webmasters | Submit articles