Frontstep Receives Shareholder Approval and Completes Financing Agreement.Business Editors Frontstep, Inc. (Nasdaq:FSTP FSTP Foiled Shielded Twisted Pair (network cable) FSTP Full Spectrum Threat Protection (Army) FSTP Financial Services Transfer Pricing FSTP Federal Surface Transportation Program ), a leading global provider of business software and services for discrete, to-order manufacturers, today announced it has completed the convertible note financing agreement that was executed and announced on March 8, 2002 as amended and described below. "This convertible note offering improves our balance sheet and allows us to operate more effectively and execute on our plans in these tough economic times," said Stephen A. Sasser, president and chief executive officer of Frontstep. "As we stated in March when the first step of this financing arrangement was completed, we are very pleased with the financial commitment we received from our principal shareholders." On March 7, 2002, the Company executed the convertible notes financing agreement under which certain preferred shareholders of the Company, including Fallen Angel Equity Fund and entities affiliated with Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. Dean Witter Dean Witter may refer to:
The Company received overwhelming shareholder approval of the transaction on June 20, 2002, and completed the transaction on July 9, 2002, including execution of an amendment modifying the timing of the issuance of the remaining $3.5 million in convertible notes. The amendment allows the Company to issue the remaining convertible notes, as the Company requires additional funding for its operating needs. As a result, the amendment permits the Company to limit the potential dilution potential dilution The decrease in the proportional equity position of a share of stock that will occur eventually if additional authorized shares are actually issued. to its current shareholders that would be caused by conversion of any remaining convertible notes in the event that the entire remaining $3.5 million is not needed to meet operating cash requirements. The initial notes for $1.5 million issued in March 2002 became convertible with the July 9, 2002 closing. The initial notes are, and remaining convertible notes if issued will be, due in May 2004 and convertible into common shares of the Company at a conversion price of approximately $2.49 per share. The Company expects to report its results for the quarter and year ended June 30, 2002 on August 6, 2002 and intends to host a conference call on August 6th at 10:30 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT for investors and analysts. The conference call also will be web cast for other interested participants. About Frontstep Frontstep is a leading global provider of software and services for discrete, to-order manufacturers. With more than 20 years of experience, Frontstep helps manufacturers create and implement solutions -- including extended ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. , customer relationship management, and supply chain management -- that simplify and streamline business processes and operations. Through these innovative and practical solutions, manufacturers can respond better and faster to customers' demands for quality products and services. Frontstep, formerly Symix, is headquartered in Columbus, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. and has more than 4,400 customer sites and 28 offices worldwide. For more information visit www.frontstep.com. 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. under 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: This press release may contain 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 are not historical facts and involve risks and uncertainties that could cause actual results to vary materially from the forward-looking statements. These risks and uncertainties include, but are not limited to, the Company's failure or inability to issue the remaining convertible notes when needed and other factors detailed in Frontstep's filings with the Securities and Exchange Commission. We undertake no obligation to revise or update or publicly release the results of any revision or update to these forward-looking statements. Frontstep is a trademark of Frontstep Solutions Group, Inc. All other trademarks mentioned are the property of their respective owners. |
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