DATA RACE ANNOUNCES PRIVATE PLACEMENT OF $2.3 MILLION OF CONVERTIBLE PREFERRED SECURITIES
DATA RACE ANNOUNCES PRIVATE PLACEMENT OF $2.3 MILLION OF
CONVERTIBLE PREFERRED SECURITIES
SAN ANTONIO, Texas, Jan. 15 /PRNewswire/ -- Data Race, Inc. today announced the private placement of $2.3 million of convertible securities. This placement was arranged through Southwest Securities Inc., a Dallas-based, investment banking firm.
Capital Southwest Corporation, NCNB Texas Venture Group, Inc. and South Texas Small Business Investment Co., comprise the Texas-based investment group. The investor group purchased shares representing a minority interest in the company based on its performance during fiscal year 1992.
Data Race is a leading OEM supplier of high speed data and FAX modems for use in portable computers. Major contracts exist to supply modem cards to Dell, Texas Instruments, Tandy, GRiD, NEC Technologies and AT&T Safari Systems. In addition, Data Race makes modems for use in Compaq, Toshiba and IBM notebook computers. Data Race pioneered the FAX commands, now industry standard EIA 578, which allows many software companies to address the data and FAX market for personal computers.
Data Race also manufactures an extensive line of statistical multiplexers, high speed modems and digital service units. These products allow companies to send computer data over telephone lines to distant locations at very high speeds and are sold through an extensive network of domestic and international distributors.
Proceeds from the placement will be used for product development, marketing and working capital. Data Race employs 90 people in San Antonio and has regional offices in Chicago, Atlanta, Dallas and San Francisco.
Data Race, Inc., 11550 IH 10 W., Suite 395, San Antonio, Texas 78230, 512-558-1900, FAX: 512-558-1929.
NOTE: Data Race is a trademark of Data Race. AT&T, Safari Systems, GRiD, Tandy, Texas Instruments, Dell, NEC Technologies, Compaq, IBM and Toshiba are trademarks of their respective companies.
/CONTACT: Herb Hensley of Data Race, 512-558-1900; Michael Beck, Southwest Securities, 214-987-7080 or Patrick Hamner, Capital Southwest, 214-233-8242/ CO: Data Race Inc. ST: Texas IN: SU: SH -- NY029 -- 9904 01/15/92 10:23 EST