Electronic Retailing Systems makes announcement.WILTON, Conn.--(BUSINESS WIRE)--July 11, 1996--Electronic Retailing Systems International, 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 :ERSI ERSI Environment Remote Sensing Institute ) (the "Company") announced today the completion of its offshore public offering of an aggregate of 4,963,500 shares of its common stock, $.01 par value (the "Common Stock"), made in accordance with Regulation S under the Securities Act of 1933, and a contemporaneous private placement with subscribers, including certain members of the Company's board of directors and their affiliates, with respect to an additional 911,657 shares of Common Stock. In connection with closing, holders of the Company's Series A Cumulative, Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". , $1.00 par value, converted their shares, in accordance with their terms, into an aggregate of 3,138,900 shares Common Stock. 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). from these transactions, in the aggregate amount of approximately $12.0 million, will be used as working capital for general corporate purposes. The securities offered by the company pursuant to Regulation S have not been and will not be 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. , to or for the account or benefit of any U.S. person, except pursuant to an exemption from the registration requirements of said Act. CONTACT: Electronic Retailing Systems International, Inc. Bruce F. Failing, Jr., 203/761-7900 |
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