Gensym Announces Bridge Loan Financing.Business/Technology Editors BURLINGTON, Mass.--(BUSINESS WIRE)--Oct. 18, 2001 Gensym (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. : GNSM), a leading provider of software and services for expert operations management Operations management is an area of business that is concerned with the production of goods and services, and involves the responsibility of ensuring that business operations are efficient and effective. , today made the following announcements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc improvements in its overall financial situation. Gensym has obtained bridge loan financing of approximately $1.0M to meet present cash needs from a group of investors consisting of a Gensym partner and eight individuals, including a Gensym founder and all of the members of its board of directors. The bridge financing Bridge Financing A method of financing, used by companies before their IPO, to obtain necessary cash for the maintenance of operations. Notes: These funds are usually supplied by the investment bank underwriting the new issue. is a component of a larger commitment made by these investors to participate as standby purchasers in the previously announced rights offering in which Gensym expects to raise equity capital from its shareholders and vested option holders. In conjunction with their bridge loan and rights offering commitments, two of the investors have the right each to nominate one additional director to Gensym's board. Gensym further announced that the previously disclosed lawsuit filed against it by Rocket Software, Inc. has been withdrawn after repayment in full by Gensym of funds that Rocket had advanced to Gensym in July of 2001. About Gensym Gensym Corporation (company) Gensym Corporation - A company that supplies software and services for intelligent operations management. Common applications include quality management, process optimisation, dynamic scheduling, network management, energy and environmental management, and process (www.gensym.com) is a provider of software products and services that enable organizations to automate aspects of their operations that have historically required the direct attention of human experts. Gensym's product and service offerings are all based on or relate to Gensym's flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. G2, which can emulate the reasoning of human experts as they assess, diagnose, and respond to unusual operating situations or as they seek to optimize operations. With G2, organizations in manufacturing, communications, transportation, aerospace, and government maximize the performance and availability of their operations. For example, Fortune 1000 manufacturers such as ExxonMobil, DuPont, LaFarge, Eli Lilly Eli Lilly can refer to:
Gensym has numerous partners who can help meet the specific needs of customers. Gensym and its partners deliver a range of services, including training, software support, application consulting and complete solutions. Through partners and through its direct sales force, Gensym serves customers worldwide. Gensym and G2 are registered trademarks of Gensym Corporation. This news release contains 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. as that term is defined in 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. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such risks and uncertainties include, but are not limited to, the failure to successfully consummate the proposed rights offering, as well as other risks included on Form 10-Q Form 10-Q See 10-Q. for the quarter ended June 30, 2001, as filed with the Securities and Exchange Commission and available online at http://www.gensym.com. Although Gensym believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Gensym Corporation disclaims any intent or obligation to update any forward-looking statement. |
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