SCIENTIFIC SOFTWARE COMPLETES FINANCING
SCIENTIFIC SOFTWARE COMPLETES FINANCING DENVER, Oct. 14 /PRNewswire/ -- Scientific Software-Intercomp Inc.
(SSI) (NASDAQ: SSFT) announced today that it has completed the sale of a $2,500,000 convertible debenture to Renaissance Capital Partners II Ltd. of Dallas. The business of Renaissance is to provide long-term financing for growing, publicly held companies. The debenture has a term of seven years, with interest only payable the first three years, and is convertible into stock of SSI at the exchange rate of $2.50 per share. The funds will be used for general working capital purposes.
SSI also announced that it has obtained an additional extension of the loan agreement with its primary bank. The term of the loan has been extended through June 30, 1993, and the aggregate amount of the credit facility remains at $5.5 million. The loan term may be further extended through Jan. 31, 1994. The company has also reached an agreement for a credit facility for its Calgary, Alberta, Canada subsidiary. The $800,000 (Cdn.) revolving credit facility is from a commercial bank and backed primarily by the receivables of the Canadian subsidiary. R.J. Hottovy, chief financial officer of Scientific Software, stated that the financing and loan agreements provide major steps to strengthen the balance sheet of SSI and provide capital to continue its growth. -0- 10/14/92 /CONTACT: R.J. Hottovy of Scientific Software-Intercomp, 303-292-1111/ (SSFT) CO: Scientific Software-Intercomp Inc. ST: Colorado IN: CPR SU:
BB -- DV004 -- 9772 10/14/92 10:42 EDT
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|Date:||Oct 14, 1992|
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