Printer Friendly

7th Level Closes on $10 Million Private Placement to Finance Rollout of New Line of Internet Software Tools.

DALLAS--(BUSINESS WIRE)--May 8, 1998--7th Level, Inc. (NASDAQ: SEVL) today announced that it has closed on its previously announced $10 million private placement to finance the rollout of the Company's unique and standard-setting Internet media preparation software tools.

The financing consists of $4.5 million of convertible exchangeable debt and $5.5 million of convertible preferred stock. To facilitate the conversion of the debt and preferred stock to common equity, a shareholders meeting is planned for July to increase the Company's common stock authorization. "Combined with our reduced cost of operations, these funds should more than adequately support the ramp-up and rollout of our revolutionary new line of Internet software products," said Donald Schupak, Chairman.

Last month, 7th Level announced the introduction of a new Internet software tool--the first of its kind--for the preparation and streaming of interactive, intelligent animated characters over the Internet and other networked environments. The software tool, called Agent 7, enables anyone to quickly and easily animate characters within Web pages by simply recording the user's own voice into a microphone connected to the user's computer--a huge saving of time, effort and money compared to any possible existing software solution. The result is a lifelike, animated Web agent that can serve a variety of e-commerce related functions, including site navigational host, site salesperson, customer support attendant and product training agent.

7th Level recently signed a comprehensive distribution agreement with RealNetworks (NASDAQ: RNWK) whereby RealNetworks will distribute 7th Level's Agent 7 technology. In addition to its agreement with RealNetworks, the Company has also recently announced agreements with AudioNet, the largest audio broadcast network on the Web, and WaveTop, a division of WavePhore, Inc. (NASDAQ: WAVO), the recognized leader in modemless data broadcast of Web content.

7th Level, Inc. (NASDAQ: SEVL) is a developer of leading-edge Internet software which can be used by anyone to quickly and easily create rich-media content for use in advertising, e-commerce, training, customer support and other e-business applications. Additional information on 7th Level is available via the company web site at -0- Forward-Looking Statements: This news release contains forward-looking statements, which involve risks and uncertainties. Accordingly, no assurance can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statement. There are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the company. These factors include the company's ability to maintain a sufficient level of financing for its new business strategy, the success of the Company's cost reduction actions, the ability to attract and retain strategic partners, the ability to leverage intangible assets in its technology, the ability to complete new projects at planned costs and on planned schedules and the market acceptance of the Company's products. Investors are also directed to consider other risks and uncertainties discussed in documents filed by the company with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

CONTACT: Media -

Jenny Rosas/Stacey Johnes/Jennifer Mellios

Bender, Goldman & Helper

(310) 473-4147


Investors -

Gary Fishman/Susan Romeo

Investor Relations

(212) 527-4808
COPYRIGHT 1998 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1998, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:May 8, 1998
Previous Article:Patient Infosystems Announces Agreement With Managed Care Assistance Corporation (MCAC) To Provide Demand Management Services for Medicaid Recipients.
Next Article:ONSALE Logs Five-Millionth Bid; Named Top Shopping Site; Milestone Reached Less Than Two Months Since Four-Millionth Bid.

Related Articles
Patshare Capital to acquire software company.
Patshare enters into binding agreement for EveryWare acquisition.
Base Ten completes private placement - $9 million convertible subordinated debentures.
7th Level Nine Month Net Revenues Increase 164%.
7th Level Reports 1Q98 Results. Receives Equity Investment From GE Equity.
Capital plenishment: private placements are a time-honored way to raise both small and large amounts of capital. At best, they can offer quicker...

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters