TeraGlobal Communications Completes Private Placement; Raises $7.3 Million in Stock Sale, Potential for Additional $5.3 Million in Warrants.Business Editors/High-Tech Writers SAN DIEGO San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , Calif.--(BUSINESS WIRE)--June 23, 2000 TeraGlobal Communications Corp. (NasdaqNM:TGCC TGCC Transview Golf & Country Club (Singapore) ) today announced that it has completed a private placement of its common stock with a group of European Institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. . "The majority of the proceeds will be used to accelerate market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" of our new TeraMedia 2.0 product," said David Fann, Chief Executive Officer. "This funding allows us to enhance our sales and marketing efforts in core target markets and to continue to explore additional strategic options for leveraging our proprietary UCCA UCCA (formerly, in Britain) Universities Central Council on Admissions UCCA (Brit) n abbr (= Universities Central Council on Admissions) → akademische Zulassungsstelle, ZVS f communications technology Noun 1. communications technology - the activity of designing and constructing and maintaining communication systems engineering, technology - the practical application of science to commerce or industry ." Under terms of the private placement, the company issued approximately 2.7 million shares of common stock for $7.3 million, raising the total outstanding shares to 22.7 million. In addition, the company issued warrants to purchase an additional 1.3 million common stock shares with an approximate total value of $5.3 million, if exercised. TeraGlobal Communications Corp. is a communications technology company. The company has developed a next generation network -- the Unified Computing and Communications Architecture -- that combines data with traditional communication networks, such as the telephone and video collaboration, over a single network. TeraGlobal's TeraMedia(TM) software-based solution guarantees real-time, two-way simultaneous Two-way simultaneous communications is a term sometimes used to disambiguate the term duplex (telecommunications). In a two-way simultaneous communications channel, each endpoint can both send and receive at the same time. voice, video and data-based communication and collaboration over a single high-speed network saving customers time and money, enhancing workflow efficiency and personal productivity. Statements made in this news release are forward-looking and involve risks and uncertainties. The Company's actual results could differ materially from those projected in such forward looking statements and will depend upon a number of factors, including, but not limited to, investors' ability to complete proposed private placement transactions, market acceptance of the Company's products, and those discussed in prior SEC filings, press releases and other public filings of the Company. |
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