Viewpoint Corporation Completes Private Placement.Business Editors/High-Tech Writers NEW YORK--(BUSINESS WIRE)--March 17, 2004 Viewpoint Corporation (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 :VWPT) - a leading provider of Internet graphics and delivery systems - announced today that it completed a private placement of Viewpoint common stock with 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. . Viewpoint issued 1,500,000 shares of common stock in the transaction at a price of $2.45 per share, for an aggregate purchase price of $3,675,000. The price per share represents the trailing 5-day average closing price of Viewpoint's common stock on the NASDAQ market. The securities issued in the private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. by the institutional investor absent registration under the Securities Act or an applicable exemption from the registration requirements of such act. In connection with the private placement, Viewpoint has agreed to file with the Securities and Exchange Commission a registration statement covering the shares issued in the private placement. "While we were not looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. new investments at this time, we are glad to take this opportunity to enhance our cash position, without incurring any placement agent or broker fees and resulting in only limited dilution to existing stockholders," said Jay Amato, president and chief executive officer of Viewpoint. Viewpoint also announced today that prior to the completion of the private placement, the institutional investor exercised its right to convert Viewpoint notes it had acquired from Viewpoint in March 2003 into shares of Viewpoint common stock. Under the terms of the convertible notes, two-thirds of the amount payable under the notes is convertible into shares of Viewpoint common stock at a price of $1.00 per share and the remaining one-third is convertible at a price of $1.09 per share. "The addition of $3,675,000 in cash, coupled with the conversion of $925,000 in debt to equity, significantly improves our liquidity picture," remarked William H. Mitchell, chief financial officer of Viewpoint. About Viewpoint Viewpoint Corporation is a premiere interactive-visualization distribution company providing visual application development, content assembly and delivery technology to leading companies such as America Online, IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , CBS (Cell Broadcast Service) See cell broadcast. SportsLine, Kimberly Clark, Electronic Arts, General Motors, Lexus, Toyota, Scion sci·on n. 1. A descendant or heir. 2. also ci·on A detached shoot or twig containing buds from a woody plant, used in grafting. , Samsung, HP-Compaq and Sony. The company has approximately 100 employees at its headquarters in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and in San Francisco, Los Angeles, Chicago and Detroit. Viewpoint is a registered trademark of Viewpoint Corporation. Copyright 2004 Viewpoint Corporation. All rights reserved. |
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