DATAMAP, INC. SECURES $500,000 IN PRIVATE EQUITY FUNDING
DATAMAP, INC. SECURES $500,000 IN PRIVATE EQUITY FUNDING MINNEAPOLIS, Nov. 19 /PRNewswire/ -- DATAMap, Inc. today announced
that it has closed on the first $500,000 received from private investors in its equity financing program announced in September 1991. The funds have been earmarked for general operating purposes, reduction of payables, and the purchase of a Sun Microsystems computer workstation in connection with the rollout of the company's Geographic Underwriting System(SM) (GUS). The Company has already taken delivery of the computer workstation.
DATAMap will continue its fundraising activities with the goals of strengthening its overall financial condition and attaining NASDAQ listing during calendar year 1992. DATAMap, Inc., based in Eden Prairie, Minnesota, specializes in digital geographic databases, mapping services, and related applications software. During June 1991, the Company executed an agreement with Insurance Services Office (an association of 1,300 insurance companies) to implement a computerized geographic underwriting system for the property and casualty insurance industry. DATAMap's common stock is traded over-the-counter in Minneapolis/St. Paul, Minnesota. -0- 11/19/91 /CONTACT: James E. Hovis or Gary S. Mertz OF DATAMap, Inc., 612-934-0900; or Tom de Petra of de Petra & Associates, 612-338-7630, for DATAMap, Inc./ CO: DATAMap, Inc. ST: Minnesota IN: SU: KH -- MN012 -- 5059 11/19/91 15:15 EST
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|Date:||Nov 19, 1991|
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