CYBER DIGITAL RAISES CAPITAL
CYBER DIGITAL RAISES CAPITAL HOLBROOK, N.Y., March 24 /PRNewswire/ -- Cyber Digital, Inc.
(OTC Electronic Bulletin Board: CYBD), a Long Island-based manufacturer of advanced voice and data telecommunication switching equipment announced that a group of individual investors have purchased through a private subscription agreement shares of common stock, $.01 par value, of the company in an aggregate amount of $250,000 at a purchase price of $1.00 per share of common stock.
Such common shares were sold to individual accredited investors who made their investments based upon private negotiations between them or their representatives and management of the company. The common shares sold to the investors are restricted shares and may not be freely transferred unless a registration statement has been declared effective with respect to such common shares. These common shares issued hereunder shall bear a legend setting forth the restrictions. J.C. Chapter, chairman of Cyber Digital stated that the United States and worldwide markets for Cyber's types of equipment is now approximately $64 billion and the only factor inhibiting Cyber's growth is the lack of working capital. "The proceeds of $250,000 will be utilized to fulfill current working capital needs of contracts on hand and for raising additional capital required to accelerate the company's growth," said Chatpar. The company is now aggressively pursuing to raise substantially larger amounts of such additional working capital. Cyber Digital, Inc. designs, manufactures, markets and services voice and data telecommunication switching equipment with Integrated Services Digital Network (ISDN) capability. -0- 3/24/92 /CONTACT: J.C. Chatpar of Cyber Digital, 516-471-5270/ (CYBD) CO: Cyber Digital, Inc. ST: New York IN: TLS SU:
SM-KW -- NY012 -- 0946 03/24/92 09:55 EST
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|Date:||Mar 24, 1992|
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