IndeNet completes Class B warrant redemption.LOS ANGELES--(BUSINESS WIRE)--Nov. 3, 1995--IndeNet Inc. (NASDAQ/NM:INDE) Friday reported that at 5:01 p.m. MST See micro systems technology. , Nov. 1, 1995, it had redeemed its Class B warrants. Prior to the redemption date Redemption date The date on which a bond matures or is redeemed. redemption date The date on which a debt security is scheduled to be redeemed by the issuer. The redemption date is the scheduled maturity date or, if applicable, a call date. , a total of 1,229,879 or 99.8 percent of the outstanding warrants were exercised, resulting in gross proceeds of approximately $2,460,000. The warrants were formally traded on 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 under the symbol INDEW and are no longer traded. As of the redemption date, the total shares outstanding were 9,341,315 and the estimated public float was 6,847,286. Lew Eisaguirre, the company's chief financial officer, commented: ``This warrant redemption brings closure to a series of activities we have undertaken to simplify our capital structure. ``Over the past few months, our public float has nearly doubled, which could attract new investors. Warrant-exercise proceeds brings our cash to approximately $5.5 million. We are now proceeding on closing the Channelmatic Inc. transaction.'' The company now has all of the elements of The IndeNet Digital Broadcast Network in place: an exclusive agreement with Hughes Network Systems Hughes Network Systems, LLC (HNS), is a provider of broadband satellite network products for businesses and consumers. HNS pioneered the development of high-speed satellite Internet access services and IP-based networks with its original DirecPC service but which it now markets to provide satellite services, an efficient digital video receiver and player design and working prototypes, and enough capital to initiate deployment of The IndeNet and complete the acquisition of Channelmatic, which will build the IndeNet servers. The IndeNet is a computer-based, digital satellite network for the distribution of TV commercials, and eventually long-form programming, that eliminates the costs and problems associated with analog videotape and satellite-based distribution systems. IndeNet's core business is the delivery of broadcast advertising and syndicated TV programming to broadcast TV stations, cable systems and other suppliers in both analog and digital formats through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Mediatech Inc. With the acquisition of Channelmatic, the company will be accelerating the deployment of The IndeNet Digital Broadcast Network, which should increase operating profit margins Operating profit margin The ratio of operating profit to net sales. and market share. On Sept. 13, 1995, the company executed a definitive agreement to purchase 67 percent of Channelmatic. CONTACT: IndeNet Inc., Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. John Zarchen, 213/466-6388 or South Coast Communications Joseph Allen (investors) or Owen Daley (media) 714/252-8440 |
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