THE CONTINUUM GROUP ANNOUNCES EUROPEAN PRIVATE PLACEMENT
THE CONTINUUM GROUP ANNOUNCES EUROPEAN PRIVATE PLACEMENT CRANFORD, N.J., May 20 /PRNewswire/ -- The Continuum Group Inc.
(OTC) today announced that it has sold more than 1 million shares of its Series A convertible preferred stock pursuant to an initial closing of the company's private placement to foreign investors.
Each share of the preferred stock is convertible at the option of the holder, into one share of the common stock of the company. The company may extend the offering until the earlier of Oct. 23, 1992, or upon the sale of 5 million shares of preferred stock. The company will receive approximately $850,000 of net proceeds from the sale of more than 1 million shares of preferred stock. If all 5 million shares of preferred stock are sold at the current price, the company would receive net proceeds of approximately $4.3 million. The company intends to file a registration statement with the Securities and Exchange Commission within 90 days from the date hereof to register under the securities law the common stock issuable upon the conversion of the preferred stock. Harrison Weaver, chief executive officer, stated, "The successful private placement in the European financial community is extremely gratifying. We believe that the investor enthusiasm is well-founded and we are confident that future developments of the company will reward our shareholders." The company is a development stage company primarily engaged in the acquisition, production, marketing and distribution of recorded music. The company also acts as a music marketing agent, music publisher and business representative for musicians. -0- 5/20/92 /CONTACT: Simon T. Brack, president and COO of The Continuum Group, 908-709-0011/ CO: Continuum Group, Inc. ST: New Jersey IN: ENT SU: OFR
CK-JL -- NY011 -- 2210 05/20/92 09:31 EDT
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|Date:||May 20, 1992|
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