Printer Friendly

GROUP INCLUDING ROBERT TRUMP INVESTS IN MANAGEMENT TECHNOLOGIES INC. FOR THE MARKETING OF ITS PRODUCTS; TRUMP TO ASSIST COMPANY IN PROMOTION

 NEW YORK, May 6 /PRNewswire/ -- Management Technologies Inc. (NASDAQ Small Cap: MTCI, MTCIW), a supplier of advanced banking systems, announced today that it has completed a $847,500 private placement of $797,500 of equity and $50,000 in a convertible note. A group of 16 investors, including Robert Trump, has invested $797,500 in the units, which comprise common stock and Class C warrants of the company. In a related move, Mr. Trump was invited to nominate a representative to the board of the company.
 Mr. Trump and another investor additionally agreed to assist the company to promote its products and were granted options to purchase up to a further 1,666,666 units at a price of $1.00, each unit consisting of one share of common stock and three Class C warrants, in the event that gross sales of the Genesis product exceed $2 million.
 The Class C warrants have an exercise price of $1.34 and an expiry date of Feb. 28, 1997.
 The net proceeds will be used to pay the remaining balance of the company's tax liabilities and for the marketing of the company's new client-server products: Unix-based integrated banking applications which exploit the modern trends towards open systems and downsizing.
 The company announced its intention to seek a listing of all Class C warrants as soon as practicable after effectiveness of its pending S3 registration statement and related filings currently being reviewed by the Securities and Exchange Commission.
 The company expects to make an announcement shortly on the effect (if any) this placement has on the anti-dilution provisions of the Class A, Class B and Class C warrants and the convertible subordinated debentures.
 Management Technologies common stock and Class A warrants are traded on NASDAQ's Small Cap market under the symbols "MTCI" and "MTCIW," respectively.
 -0- 5/6/93
 /CONTACT: Tom Groenfeldt of Management Technologies, 212-557-0022/
 (MTCI)


CO: Management Technologies Inc. ST: New York IN: SU:

GK-OS -- NY102 -- 5647 05/06/93 16:34 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 6, 1993
Words:332
Previous Article:OUTLET BROADCASTING FILES REGISTRATION STATEMENT COVERING $60,000,000 OF SENIOR SUBORDINATED NOTES
Next Article:EDS TO PROVIDE ATMs TO 7-ELEVEN STORES
Topics:


Related Articles
The Point Group, Inc. Selected for Investor, Media Relations by Mingo Bay Beverages and Palm Desert Art.
Trump Iron Works Obtains AISC Certification.
TRUMP HOTELS BANKRUPTCY NEWS: First Issue Free from Bankruptcy Creditors' Service, Inc.
Cendant's Fairfield Resorts and Trump Atlantic City Casino Resorts Announce Strategic Marketing Alliance.
Industry leaders honored by ABO.
The Associated Builders and Owners of Greater New York Turn Marriott Marquis into Little Havana.
Trump Entertainment Resorts Announces the $1 Million Mega-Car Giveaway.
Trump Magazine Going Regional in South Florida.
Premiere Publishing Group Announces a Trump Animation Series.
Bally Technologies Announces Deal With Trump Entertainment Resorts to Supply eTICKET(TM), Bally Power Technology at 3 Atlantic City Casinos.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters