UCN Closes $2.5 Million Private Placement.SALT LAKE CITY -- UCN UCN Universidad Católica del Norte (Chile) UCN University College of the North (The Pas, Manitoba, Candad) UCN Ultra Cold Neutron UCN Unión del Centro Nacional , Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :UCNN), a provider of on-demand contact handling software and business telecommunication services delivered over the UCN national VoIP network, announced today it raised $2.5 million in equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. through a private sale of common stock to an institutional investor 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. . In the private placement, UCN sold 1,086,957 million common shares at $2.30 per share, and has agreed to file a registration statement under the Securities Act of 1933 to register for resale of the shares. "The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of this sale will be used to reduce debt and fund marketing programs for network applications and services," said Paul Jarman, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of UCN. The private placement was made in a transaction exempt from the registration requirements of the Securities Act of 1933. The shares of common stock sold have not been registered under the Securities Act of 1933, or any state securities laws, and unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933 and applicable state securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities. About UCN, Inc. UCN (OTCBB:UCNN) is a provider of contact handling software services, and business data and voice services, delivered over its national VoIP network. The inContact(TM) suite of products includes an integrated package of advanced contact handling, reporting and administration applications and inControl(TM), a unique, rapid application development tool. To learn more about UCN visit www.ucn.net. |
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